Australian mining contractor Mastermyne Group Ltd. has acquired another Australian mining contractor, Pybar Mining Services for A$47 million. Mackay, Queensland-based Mastermyne said the acquisition accelerates its growth strategy for expanding into the hardrock segment and provides diversification from a high metallurgical coal exposure.
This acquisition is an opportunity to become a leading national mining services organization with material scale, explained Mastermyne Managing Director and CEO Tony Caruso. “We are building a diversified underground mining services business providing specialized underground services directly linked to production,” Caruso said.
Established in 1993 in Orange, New South Wales, Pybar has grown into one of Australia’s larger underground mining contractors with more than 1,100 miners led by an experienced long-term management team. It offers complete underground contract mining services backed by a large fleet of equipment.
As part of this transformational transaction, Mastermyne Group Ltd. plans to change its name to Metarock Group Ltd. with Mastermyne and Pybar Mining Services becoming operating subsidiaries.