Metarock Group’s (ASX:MYE) Mastermyne division has executed a $60 million contract for mining works at Whitehaven Coal’s (ASX:WHC) Narrabri mine.
Metarock, which has a $35.19 million market capitalisation, says the contract has been added over and above its existing scope of works at the mine, which began in late 2022, and relates to the operation of an additional development panel.
The company reports the contract is for a term of 3 years.
shares in Metarock increased by 8.7% to close at $0.125 on Thursday 26 October.
Metarock interim Chief Executive Officer (CEO) Jeff Whiteman cites the ‘consistent quality of work’ performed by the Mastermyne team as the catalyst for the contract win.
“I am delighted to announce this new contract with our valued client at Narrabri. I believe it is a firm testament to the strong relationships that Mastermyne develops with its clients founded upon the consistent quality of work performed.”
“I believe it is a firm testament to the strong relationships that Mastermyne develops with its clients founded upon the consistent quality of work performed”
Metarock is a mining services provider headquartered in Mackay, Queensland. It was founded in 2021 as a corporate amalgam of 4 established mining services companies: Mastermyne, Pybar Mining Services, Wilson Mining, and MyneSight.
With facilities in Queensland, New South Wales, and South Australia, the company is focused on making the most of its clients’ mining operations through its ‘diverse’ range of services and products.
Whitehaven Coal is an Australian premium-quality coal producer with a $6.5 billion market capitalisation.
Whitehaven’s Narrabri mine has been operating since 2012 and lies about 17km southeast of the township of Narrabri and 70km northwest of Gunnedah in New South Wales.
Metarock had $12.901 million cash and cash equivalents at hand and $30.45 million in unused finance facilities as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Metarock Group
