Thiess closes purchase of metal mining contractor
06 June 2024
The Thiess Group, a mining services subsidiary of a joint venture between Cimic Group (60% stake) and US-based Elliott Investment Management (40% stake), has completed the acquisition of Australia-based metals mining company PYBAR.
Underground mining works in progress. Cimic Group announced its JV subsidiary, Thiess Group, purchased an Australia-based mining firm. (Image: Cimic Group)
Initially announced in March of this year, the deal was for a reported US$43 million. The purchase includes PYBAR Holdings Limited including subsidiary PYBAR Mining Services, located in New South Wales, Australia. Thiess is headquartered in Brisbane, Queensland, Australia and Cimic Group in Sydney, New South Wales.
Thiess Group executive chair and CEO Michael Wright said, 鈥淸PYBAR鈥檚] 30 years of in-depth experience and expertise in underground mining enables us to expand our service offering to existing and new clients, further diversifying our business and pursuing new opportunities in underground metals and minerals that are critical to the global energy transition across Australia and globally.鈥
Cimic Group said PYBAR will retain its brand and portfolio of projects as the new consortium integrates within Thiess Group.
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