Tag Archives: James Glover

Thiess to gain underground metals mining exposure with A$65 million PYBAR purchase

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.

PYBAR extends stay at AIC Mines’ Eloise copper mine

PYBAR, part of Metarock Group Ltd, has been rewarded for its last two years of service at the Eloise copper mine in Queensland, Australia, having now been awarded a four-year services contract.

Since arriving on site in 2020, PYBAR says it has set the standard in safe and efficient delivery of underground mining services and will continue delivering as it embarks on a new four-year mining services contract.

Having safely completed nearly 6.5 km of development at the high-grade Eloise copper mine over the past two years, PYBAR was invited to participate in a competitive tender process for the new contract earlier this year and was awarded the mining services contract at Eloise by mine owner, AIC Mines Ltd, for a further four-year term.

The new contract, with the additional scope of shotcrete services, will see PYBAR on site at Eloise through to 2026, and includes the development of declines, level accesses, ore drives, stockpiles and infrastructure, providing all facilities, services, labour, supervision, administration, construction plant and materials.

Forming part of the PYBAR fleet of mining equipment on site is a new Elphinstone CT WR820 10 cu.m agitator (pictured below), as well as two twin boom jumbos, two LHDs, a charge rig and a shotcrete spray rig.

PYBAR’s CEO, James Glover, said: “We are very pleased to have been awarded the extension of the Eloise project which is a testament to the work that has been delivered on site to date by our team at Eloise. AIC is a growth focused resources company and it’s pleasing to be able to extend our term for another four years and be a part of that growth journey.”

The team of over 50 skilled PYBAR personnel on site has kicked off the new Eloise contract well, setting the standard for the remainder of the contract with a near-record month of 412 m of development achieved in July.

AIC Mines said in November that it was targeting production of approximately 12,500 t of copper and 6,000 oz of gold in concentrate in its 2023 financial year to June 30, 2023.