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Rex Minerals , which holds Australia’s largest permitted and shovel-ready copper project, is being bought out by Indonesia-based MACH Metals Australia for A$393 million .
BHP’s recent, albeit unsuccessful, $49 billion bid to acquire Anglo American was motivated by the strategic need to secure copper mines. BHP is ramping up its copper production in South Australia following its A$9.6 billion acquisition of Australian copper producer Oz Minerals and its mining assets.
The Hillside project, with a 13-year mine plan, requires a pre-production capital outlay of A$854 million, according to a 2022 feasibility study. “We remain committed to advancing the excellent work undertaken by Rex on the Yorke Peninsula, including supporting the local workforce and the broader community throughout the ownership transition,” managing director Ferdian Purnamasidi said in a separate statement Monday.
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