Indonesian billionaire Anthoni Salim, through his company Mach Metals Australia, has launched a bid to acquire Australian copper miner Rex Minerals for A$393 million. This move comes as Salim aims to capitalize on the increasing demand for copper driven by the global shift towards electric vehicles and green energy. Salim had earlier acquired a 16% stake in Rex Minerals and is now offering A$0.47 per share to acquire all remaining shares, representing a significant premium.
The offer made by Salim represents a 79% premium over Rex Mineral’s 30-day average trading price, leading to a surge in the company’s shares by 56% following the announcement. The deal is still subject to shareholder and regulatory approvals, but plans are in place to finalize the acquisition by October. Rex Minerals has been seeking funding of A$854 million to develop the Hillside Copper-Gold Project, the largest open pit copper project in Australia with significant resources.
Ferdian Purnamasidi, the managing director of Mach Metals, expressed excitement over the acquisition of the Hillside Project, highlighting its alignment with the company’s strategy to diversify its asset portfolio. Mach Metals, a subsidiary of the Salim Group, has a strong focus on copper, which is considered vital in the energy transition process towards sustainability. The group’s mining operations also include the Mount Pleasant thermal coal project acquired from Rio Tinto in 2016.
The Salim Group, one of Indonesia’s largest conglomerates, has a wide range of businesses in sectors such as food, retail, banking, telecommunications, and energy. The group, known for its food business with Indofood as a major player in the global instant noodles market, has been expanding its reach in infrastructure investments. Recently, the group’s Metro Pacific Tollways subsidiary partnered with Singapore’s GIC to invest $1 billion in Jasamarga Transjawa Tol, an Indonesian toll road operator.
Anthoni Salim, along with his family, boasts a net worth of $10.3 billion, making them one of the wealthiest families in Indonesia. Ranked fifth on Indonesia’s 50 Richest List, the Salim Group continues to make strategic investments across various sectors to diversify its portfolio and capitalize on emerging opportunities. With a track record of successful ventures and a focus on sustainable energy solutions, the group is well-positioned to navigate the evolving global landscape towards a greener future.
