MARKETS

Industrea pumps up Qld contracts

AS IT prepares to offload its mining services division, Industrea has pointed to the strength of ...

Lou Caruana
Industrea pumps up Qld contracts

The separate sale of Industrea Mining Services is permitted as part of American giant General Electric’s friendly $470 million takeover bid.

Industrea managing director Robin Levison said: “The IMS business represents a strong growth platform with the benefit of substantial capital investment over the last 12 months resulting in both the renewal of existing contracts … along with the recent return to normal operations at [Cockatoo Coal’s Queensland] Baralaba site”

Under the scheme implementation agreement with GE, if IMS is sold, shareholders are entitled to receive the net proceeds of any sale of IMS above an agreed value in addition to the $1.27 per share offered by GE.

If IMS is not sold then GE will retain IMS as part of the proposal and shareholders will receive $1.27 per share.

IMS reported a strong first half performance for the six months to December 2011 with revenue increasing to $104.8 million compared to $80.5 million for the previous corresponding period and EBITA for that period lifting to $19.5 million from $17.4 million.

In its trading update released earlier this month Industrea reported organic growth had continued in the current half.

“All key contracts have been extended during the period and new equipment that has been deployed is contributing to the increased earnings and revenues,” it said.

IMS’ core activities are mine planning, project supervision, heavy mining equipment hire, trained equipment operator hire, overburden, coal and ore body mining and transportation, and drill and blast planning and activity.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production