Indonesian billionaire Anthoni Salim's Mach Metals Australia, a subsidiary of Salim Group, has made a A$393 million bid to acquire Australian copper miner Rex Minerals.

The offer is A$0.47 per share, representing a 79% premium.

This acquisition move is driven by the increasing demand for copper in electric vehicles.

Salim already holds a 16% stake in Rex Minerals.

The acquisition aims to develop the Hillside Copper-Gold Project, which has a Net Present Value of $847 million.

The deal is pending approvals and shareholder voting in October.

Salim Group is known for its diverse investments in food, retail, and mining, with a net worth of $10.3 billion.

Shares in Rex Minerals surged by 63.64% to $0.45 per share in response to the bid.

The bid highlights the strong interest in copper assets for long-term investment.