Australia’s largest shovel-ready copper project has been given a leg up as MACH Metals Australia is set to purchase all remaining shares in project owner Rex Minerals.
Rex owns the Hillside copper project, located 12km south of Ardrossan in South Australia. The project currently contains a mineral resource of 1.9 million tonnes of copper and 1.5 million ounces of gold.
Now, in an offer valued at approximately $393 million, MACH will acquire all of the shares in Rex that it does not already own. The Rex board is unanimously recommending the transaction.
“The transaction provides certainty of value and a significant premium representing a 98 per cent uplift relative to Rex’s 90-day VWAP, as well as the opportunity for Rex shareholders to realise their investment at a 10-year historical share price high,” Rex chief executive officer Richard Laufmann said.
“The transaction also represents a more certain outcome for wider stakeholders in Hillside, including the local community, the South Australian 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.”
MACH managing director Ferdian Purnamasidi expressed his excitement about the acquisition.
“We are excited to acquire and continue the development of the Hillside project, which aligns with our strategy to diversify our asset portfolio,” Purnamasidi said.
“Our strong focus on copper is critical to the energy transition process. We remain committed to advancing the excellent work undertaken by Rex on the Yorke Peninsula, including supporting the local workforce and the broader Yorke Peninsula community throughout the ownership transition.”
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