Rex Minerals has entered into a scheme implementation deed (SID) with its major shareholder MACH Metals Australia, under which MACH will acquire all of the shares it does not already own for cash consideration of A$0.47 per share.
The offer price, which implies a fully diluted equity value of A$393 million, follows a competitive global partnering process, which focused on the A$854 million funding and subsequent development pathway for the Hillside copper-gold project in South Australia.
“We are excited to acquire and continue the development of the Hillside project, which aligns with our strategy to diversify our asset portfolio. Our strong focus on copper is critical to the energy transition process,” said Ferdian Purnamasidi, managing director of MACH.
“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.”
The transaction is subject to limited conditions including FIRB approval (which has been applied for) and Rex shareholder approval.
Hillside is one of the largest undeveloped copper projects in Australia and currently contains a Mineral Resource of 1.9 million tonnes of copper and 1.5 million ounces of gold.
Source: Rex Minerals