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Thiess has become the official owner of PYBAR after announcing a $65 million deal with previous owner Metarock Group in March.

Metarock has received approximately $42.9 million after the deduction of PYBAR’s debt from the agreed transaction.

“I am pleased to advise that completion of the PYBAR sale marks the successful conclusion of Metarock’s turnaround plan initiated in December 2022,” Metarock Group managing director and chief executive officer Jeff Whiteman said.

“The recapitalisation of Metarock’s balance sheet is now complete, with a return to a net cash position and minimal debt.”

Looking ahead, Metarock is firmly focused on its core Mastermyne specialist underground mining services business, which includes Wilson Mining polymeric strata control products and Mynesight training.

Whiteman said the recapitalisation provides a robust growth platform, enabling the company to capitalise on its significant opportunity pipeline.

“Our project portfolio is profitable, as evidenced in the results disclosed in our FY24 quarterly reports to date, and we have a firm focus on our core Mastermyne business,” he said.

“We have a range of opportunities ahead of us, centred on our core capabilities, which should generate growth and further diversify our client base.”

Thiess will continue to operate the business under the PYBAR brand and retain all PYBAR employees in order to carry out ongoing operations and expand its underground hard rock contracting business.

“The Metarock board believes this is an excellent outcome for all stakeholders, notably our clients, our employees, PYBAR’s employees, our suppliers and Metarock’s shareholders,” Whiteman said.

“I would like to take the opportunity to thank each of them for their patience and support as we have worked our way through the past 18 months to achieve this positive result.”