- Mining service company Mastermyne Group (MYE) has extended the development and outbye services contract for Anglo American’s Aquila Project
- Total revenue for the extension of the mining contract is expected to be around $60 million
- The new contract extends services for 12 months, to March 2020 and includes the operation of an addition roadway development unit
- On market close for the week, Mastermyne is down 0.85 per cent and is trading at 58.5 cents per share
Mastermyne Group (MYE) has extended the development and outbye services contract for Anglo American’s Aquila Project.
The company has been involved in the project since August 2019, where it has undertaken roadway development in the mains and gate roads, as well as outbye related services for the establishment of the new longwall operation at Aquila Mine.
The new contract extends services for 12 months, to March 2020 and includes the operation of an addition roadway development unit.
Total revenue for the extension of the mining contract is expected to be around $60 million.
Mastermyne currently employs 178 people for the contracted work, with a further increase of around 60 full-time workers needed for the additional roadway development unit.
Up to half of the personnel for this third development will be relocated from the company’s Moranbah North Project. The movement of the additional workforce at Aquila will be completed this month.
CEO Tony Caruso said the company is very pleased to have extended this contract and undertake additional roadway development works.
“We have been working to deliver major underground infrastructure and roadways safely and efficiently, and we look forward to continuing our work with Anglo American to deliver their new longwall project, producing premium high quality hard coking coal,” he said.
“It is pleasing to see projects progressing and building on Mastermyne’s already very strong order book,” he added.
On market close for the week, Mastermyne is down 0.85 per cent and is trading at 58.5 cents per share.