Golding Contractors will acquire the mining services contract, associated fleet and transfer of the employees that HSE Mining has deployed to Stanmore Resources’ South Walker Creek mine in Queensland.
The transaction value of $85 million is set to be funded via NRW’s asset finance facilities, as Golding Contractors is a wholly owned subsidiary of NRW Holdings.
“I am delighted that NRW has been successful in acquiring the HSE Mining assets and inventory and securing the novation of the mining services contract with Stanmore at South Walker Creek,” NRW managing director and chief executive officer Jules Pemberton said.
“NRW, through our Golding and Action Drill & Blast businesses, has had a long association with Stanmore and I look forward to our teams continuing to deliver industry leading services. I also look forward to welcoming the HSE personnel into the Golding and broader NRW team.”
Golding will employ approximately 550 HSE personnel and operate the heavy mining equipment presently deployed at South Walker Creek.
The mining services contract to be novated to Golding is expected to generate annual revenue of approximately $250 million, and unless further extended by agreement between Golding and Stanmore, expires in August 2025.
HSE and Golding are currently working through the transition arrangements, with financial close to occur at the end of July 2024.
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