Indonesia's Salim makes bid for Australia copper player Rex Minerals

SYDNEY -- Indonesia's Salim family has launched a $265 million bid to take over Australian miner Rex Minerals, backing the company's planned copper mine in South Australia, as the energy transition boosts demand for the red metal.

MACH Metals Australia, owned by the Salim Group, bought almost 16% of the listed company earlier this year and on Monday made a bid to acquire the rest for 0.47 Australian dollars per share in a cash offer, according to a disclosure to the Australian Securities Exchange by Rex.