SHH Group has advanced its planned acquisition of Total Contract Mining (TCM) from non-binding to binding in nature.
SSH will acquire 100 per cent of shares in TCM for $60,000, to be funded by existing working capital.
The strategic acquisition of the Australian privately-owned mining services provider is set to expand SSH’s mining capabilities and growth.
TCM, previously known as Total Alliance, is an expert in its trade at identifying high-potential mineral assets and presenting streamlined approaches to early-stage production.
As part of the binding agreement, SSH will see key TCM executives Sam Baker and Kevin Malaxo assume senior roles within the company.
Baker will join SSH as chief operating officer while Malaxos will become a non-executive director from July 1.
“The transaction and appointments not only strengthen our operational capacity but bring in a team of highly capable professionals with deep industry knowledge and a proven track record in hard rock mining across Western Australia,” SSH managing director Daniel Cowley-Cooper said.
“We are excited to welcome Sam Baker and Kevin Malaxos into senior leadership roles. Their combined experience and commitment to performance-aligned outcomes will enhance our ability to deliver value to our clients and shareholders.”
The binding agreement will also see two additional TCM staff move to SSH as mining consultants.
The acquisition is subject to final due diligence and the satisfaction of terms outlined in the non-binding term sheet. The acquisition is expect to settle by May 16.