Mastermyne Group has completed its acquisition of 100 per cent of the shares of leading hard rock mining services company PYBAR Mining Services (PYBAR).
Mastermyne has advised that the PYBAR acquisition can be integrated quickly and efficiently, reinforcing the deal as an important step in growing and diversifying its revenue streams, and providing a material uplift in earnings and profit this financial year.
The PYBAR acquisition gives the company immediate exposure to the growing metals sector and effectively doubles the size of the company, with existing shareholders retaining over 80 per cent of the company’s equity.
“Together Mastermyne and PYBAR becomes a material mining services business specialising in underground and diversified across a broad commodity base including coal, lead, gold, nickel and copper,” Mastermyne managing director and chief executive officer Tony Caruso said.
“The acquisition brings together two very reputable and successful underground businesses which now has significant scale, a synergistic customer base and a much larger addressable market to underpin future growth.”
The recent announcements made on the contract mining operations and the acquisition of PYBAR represent a game-changing outlook for the business, all of which has been delivered through a very targeted and strategic plan.
The mine operations model, commodity diversification and growth outlook have adapted Mastermyne’s business and is helping it deliver greater shareholder value.
“We are very excited to be joining the Mastermyne group and working with the Mastermyne team to continue to grow the PYBAR business,” incoming non-executive director of Mastermyne Group and PYBAR founder Paul Rouse said.
“The acquisition will be value-adding for our management, our workforce and our clients, and I look forward to joining the board.”
Mastermyne is expected to triple its revenues in the 2023 financial year with the inclusion of Crinum mine, Cook Colliery mine and PYBAR, when compared to the 2021 financial year.