Key points
- 3-year contract with 2-year extension option
- Approximately 200 roles at Appin mine
- Anticipated revenues of $180 million over initial 3-year term
Full summary
Mastermyne Group Limited (ASX:MYE) ('Mastermyne' or 'the Company') has executed a contract for contract mining services with GEAR M Illawarra Met Coal Pty Ltd ('GM3') at its recently acquired Appin mine in the Illawarra region of NSW. GM3 is a partnership between Golden Energy and Resources ('GEAR') and M Resources. The contract has an initial term of 3 years plus a 2-year extension option and encompasses approximately 200 roles at Appin mine. The contract is anticipated to generate revenues for Mastermyne of approximately $180 million across the initial 3-year contract term. Jeff Whiteman, Mastermyne CEO & Managing Director, stated that this project signifies Mastermyne's return to the Illawarra region where the company has a proven track record, and they look forward to building their relationship with GM3 over the coming months and years.