Golding Contractors, a wholly owned subsidiary of NRW Holdings, has acquired the mining services contract, associated fleet and transfer of the employees that HSE Mining has deployed to Stanmore Resources’ South Walker Creek coal mine in Queensland.
The transaction, valued at $85 million, will be funded via NRW’s asset finance facilities.
“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,” said NRW Holdings Managing Director and CEO Jules Pemberton.
“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.”
The mining services contract to be novated to Golding as part of the acquisition is expected to generate $250 million annually. It is currently set to expire in August 2025.
HSE and Golding are working through the transition arrangements, with financial close to occur at the end of July.
Source: NRW Holdings