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Grosvenor mine fire takes another scalp as Metarock’s 168-person presence on-site suspended by Anglo

ASX News
ASX:MYE      MCAP $52.52M
31 July 2024 10:27 (AEDT)
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Metarock Group (ASX:MYE) – owners of mining services company Mastermyne – is the latest victim of the shambolic Grosvenor coal mine fire in QLD.

The company has approximately 168 people on-site at Grosvenor; only 27 of them are required going forward per guidance the company has received.

“A significant number of redundancies are likely,” Metarock wrote on Wednesday, noting it would try to redeploy where able.

Embedded contractors will be paid up until 31 August 2024 by “the Client” (presumably Anglo American), indicating that Metarock will probably be giving out one month’s notice to affected workers today.

Perhaps worse for shareholders is the company’s tone when it comes to the overall value of the project. Language indicates a sort of emotional resignation.

“Mastermyne’s Grosvenor project was expected to generate approximately $34 million in revenue and $2.6 million of EBITDA for the period from 1 September 2024 to 30 June 2025,” the company wrote on Wednesday.

In this context, usage of “was” might have some emailing the company’s board for clarity.

MYE last traded at 21cps.

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