Mastermyne Secures $240M Tahmoor Mining Contract
Key points
- New contract for Tahmoor mine valued up to $240M
- Initial 2-year term with gross revenues of $80M
- Potential to create over 160 new roles
- Part of a consortium with M Group and GEAR
Full summary
Mastermyne Group Limited has announced the execution of a new mining services contract with GMT Mining Pty Ltd for the restart and ongoing operation of Tahmoor Mine. The mine, acquired by a consortium including M Group and GEAR, will be operated by GM3. The initial 2-year contract is expected to generate gross revenues of approximately $80 million, with two 2-year extension options that could bring total gross revenues to $240 million over six years. This contract will create over 160 new roles, adding to Mastermyne's existing long-term contracts with GM3's Appin and Dendrobium mines.
Guidance
Initial 2-year contract: gross revenues of approximately $80M, full 6-year term: gross revenues of approximately $240M
Outlook
The contract is expected to significantly contribute to Mastermyne's growth, enhancing its workforce and revenue potential over the next six years.
Summary generated by a large language model. Please interpret with care.