Mastermyne has acquired PYBAR Mining Services for $47 million to expand its offering in hard rock mining, while proposing a name change to better reflect the business.
PYBAR has grown its mining services since 1993, now with a skilled workforce of over 1100 people around Australia.
Mastermyne managing director and chief executive officer Tony Caruso said the companies were well-aligned with Mastermyne’s plans.
“In line with our stated hard rock growth strategy, the PYBAR Mining Services acquisition is an exciting opportunity for Mastermyne to accelerate growth and become a leading national mining services organisation with material scale,” Caruso said.
PYBAR’s revenue comes predominantly from work in the gold, copper, zinc and lead sectors which will help to strengthen Mastermyne’s breadth of knowledge in these areas.
Another factor in the acquisition were PYBAR’s existing blue-chip client base including Rio Tinto, Newmont Corporation and Thiess.
PYBAR executive chairman Paul Rouse said his company was looking forward to the merge.
“We are very excited to be joining the Mastermyne group and working with the Mastermyne team to grow the PYBAR business,” Rouse said.
“We view this as a unique opportunity to bring two quality businesses together, that are highly complementary to one another, and to accelerate the opportunities that lay ahead of us.”
PYBAR has a large fleet of equipment to fulfil services such as mine development, raiseboring, mine production, shotcreting, and cable and bolting production drilling.
Also at Mastermyne, the company has proposed a group name change to Metarock Group as it acknowledges the transformational nature of the PYBAR acquisition.
“Mastermyne and PYBAR Mining Services brands have a rich history and a respected presence in the mining services community, and under this proposed naming convention these brands will remain inextricably tied to their respective sectors,” Mastermyne stated.
Mastermyne and PYBAR Mining Services would then become operating subsidiaries of Metarock if the name change was to go ahead.