PYBAR has been awarded a four-year contract to provide underground development services at the Eloise copper mine complex in north-west Queensland.
The contract, with a revenue of $149 million, involves delivering the 3km underground link drive for the Jericho deposit within Eloise, which sits at 125m below surface.
“PYBAR has been working at AIC Mines’ Eloise copper mine since 2020 and we’re proud that this is our third contract at the Eloise complex, and our second with AIC,” PYBAR general manager James Glover said.
“This win is testament to our strong operational performance, reliability, and commitment to the safety of our workforce. We look forward to continuing our strong delivery for our client, AIC Mines.”
Thiess, of which PYBAR owns 60 per cent, chair and chief executive officer Michael Wright congratulated PYBAR on the contract win.
“This underground mining contract is a further example of the Thiess Group’s progress in our strategy to diversify our services and commodities portfolio,” Wright said. “We really look forward to supporting PYBAR with their growth ambitions across Australia and beyond.”
PYBAR will mobile equipment at Eloise in July 2024, with works having commenced at Jericho earlier this month.
AIC Mines officially acquired the Eloise mine in November 2021 from FMR Investments for $27 million. FMR is now AIC’s largest shareholder, holding between 26–29.9 per cent of the company.
According to AIC, since acquiring the mine, its key focus areas at Eloise has been to improve operational reliability.
The company has done this by investing in a mining fleet to improve availability, developing additional ore sources such as the Macy North and Lens 6 deposits, and having an overall focus on employee feedback to improve engagement and reduce employee turnover.
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