Pybar will continue to provide mining services for the Eloise copper mine in North-West Queensland for another four years.

The agreement with mine owner AIC Mines covers all facilities, services, labour, supervision, administration,
mining equipment, constructional plant and materials.

Metarock Group owns the Pybar underground mining services group as well as the Mastermyne group of companies.

“We are pleased to have executed the extension of the Eloise project and look forward to building on the strong relationship between the organisations,” Metarock managing director Tony Caruso said.

“This extension reinforces the quality relationships Pybar has with its clients and supports our confidence beyond the current tenures in the contract order book.”

Metarock also announced that its subsidiary Falcon Mining (part of the Mastermyne Group of companies) had executed a contract with Narrabri Coal Operations to produce coal via cut and flit mining method at the Narrabri underground mine.

The scope includes the installation and retraction of the panel conveyor belts, associated ventilation and mining services on a two-year term, with an option for a further two years.

The contract extension at Eloise and the new Narrabri contract were included Metarock’s FY2023 guidance provided to the market this week.

The company said both projects required minimal capital investment, with the equipment and infrastructure required already on site or being provided through third parties.

Metarock achieved revenue of $452.7 million last financial year, coming in at the top end of guidance and representing a a 94.2 per cent increase compared to FY2021.

However its statutory EBITDA came in at $17.5 million – a 22 per cent decrease on the previous year due to the impact of a major rock fall, which killed a worker, at the Crinum underground mine.

The value of the company’s order books stands at $1.9 billion, with 82 per cent of FY2023 revenue under
contract or recurring purchase order works.