Thiess Pty Ltd, part of the Thiess Group, has signed an agreement with Metarock Group Ltd to acquire Australia-based underground metals business PYBAR Holdings Limited and its 100% subsidiary Pybar Mining Services Pty Ltd.
PYBAR will join the Thiess Group once the customary sale conditions are satisfied and the completion process is finalised.
The total headline consideration for PYBAR is A$65 million ($42.7 million), with all PYBAR employees to transfer with the business, including the senior management team led by James Glover, PYBAR CEO.
Thiess Group Executive Chair and CEO, Michael Wright, said: “This acquisition is an ongoing part of Thiess’ strategy to diversify our commodities and the services we offer our clients. We are committed to developing a global mining portfolio, with a strong focus on the metals and minerals critical to the global energy transition.
“The PYBAR acquisition is key to this. PYBAR’s specialist skills will expand the Thiess Group’s service offering to our clients, and open up a pipeline of opportunities in underground metals and minerals across Australia and globally.”
Mastermyne (as Metarock was previously known) agreeed to buy PYBAR Mining Services in a cash and share deal that came with an equity purchase price of around A$47 million back in 2021. The acquisition saw Mastermyne, a metallurgical coal-focused contractor at the time, gain exposure to PYBAR’s gold, copper, zinc and lead-related revenues.
Wright added: “PYBAR’s 30 years of expertise and proven experience in underground mining is well known and respected, and we appreciate the commitment of their dedicated workforce. We will retain the PYBAR brand and will work with the leadership team to support their current clients, and grow PYBAR’s strong brand within and beyond their current markets.”
The Thiess Group operating companies’ industry experience, complementary portfolio of services and geographical reach, places the group in a strong position to enhance PYBAR’s value proposition to both their clients and their people, Thiess says.
Metarock says the cash proceeds from the sale will materially strengthen the balance sheet of Metarock and provide a platform for the company to capitalise on the significant growth pipeline across its remaining business units, Mastermyne, Wilson Mining and MyneSight.