Jolimont Global Mining Systems (Jolimont Global) and joint venture partner Resource Capital Funds have acquired a majority stake in mining technology firm Blast Movement Technologies.
Jolimont Global is a private equity group with investments in high growth mining equipment, technology and services companies.
Its joint venture partner Resource Capital Funds is one of the largest global private equity firms focused on mining.
Established in Brisbane, Australia in 2005 by Darren and Diane Thornton, Blast Movement Technologies (BMT) focuses on blast movement monitoring technology.
BMT’s patented system is used by mining companies worldwide to accurately locate ore and waste zones after blasting, allowing precise separation of ore from waste in the mining process.
BMT’s technological strength can be gauged from the fact that it was able to increase revenue by 36 per cent in 2014-15, despite the downturn in the global mining industry in the same period.
bout 77 per cent of BMT’s revenue during the year came from exports, up from 63% in the previous year.
Blast Movement Technologies founder Darren Thornton observes that the acquisition will not only drive further growth for the business but also confirm their technology as world’s best practice for blast movement monitoring.
The acquisition will also allow BMT to leverage Jolimont Global’s experience in building high-growth technology companies and give the firm access to the global network of Jolimont Global and RCF.
However, it will be business as usual for the firm, despite the change of ownership. Thornton explains that there won’t be any change to BMT’s identity, operations or plans. BMT also worked with Jolimont Global to select key people to augment their management team.
New members on the BMT board include Jolimont Global’s Lyle Bruce who will be joining as Chairman, and Jolimont Global’s CEO Lex McArthur, a mining engineer with 15 years of technology investing experience.