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Salim Group set to acquire major copper mine in Australia
Salim Group also has a stake in Amman Mineral Internasional, the operator of Batu Hijau, the second-biggest copper and gold mine in Indonesia.
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Hills of gold: A heavy vehicle passes gold and copper miner PT Freeport Indonesia’s (PTFI) mining areas in Grasberg, Tembagapura, Mimika, Papua. (thejakartapost.com/Nethy Dharma Somba)
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ACH Metals Australia, a subsidiary of Indonesian conglomerate Salim Group, is set to acquire Australia-based Rex Minerals from previous shareholders for AU$393 million (US$265 million). The transaction is subject to approval from the Australian Foreign Investment Review Board (FIRB) and Rex shareholders, who will conduct a vote in October.
Rex Minerals is the operator of the Hillside copper-gold project in South Australia’s Yorke Peninsula, around 150 kilometers west of Adelaide, which reportedly requires some $576 million to be developed. It is one of the largest undeveloped copper projects on the continent and currently contains 1.9 million tonnes of copper and 1.5 million ounces of gold in resources.
In July 2020, the South Australian government granted the project approval under its Program for Environment Protection and Rehabilitation (PEPR) for 11 years.
“This transaction also represents a more certain outcome for wider stakeholders in Hillside, including the local community, government and Rex employees, who will benefit from the significant financial strength and proven track record of MACH to deliver the successful development of Hillside, Australia’s largest fully permitted and shovel-ready copper project,” Rex’ CEO Richard Laufmann said in a statement on Tuesday.
