Stockholm-headquartered AFRY’s acquisition of leading Australian mining consulting firm AMC Consultants caps a decade of consolidation that has seen billions of dollars invested by global engineering houses in the niche advisory market.
AFRY’s AMC buyout follows its purchase last year of Brazil’s Reta Engenharia for circa US$26 million. Reta gave AFRY a “foothold in the mining and metals sector” with c$15 million of LatAm revenues. AMC, said to have “strong relationships with over 90% of the world’s leading 50 mining companies” deepens AFRY’s broader mining footprint and supported its “ambition to grow internationally in key markets like Australia and Canada”.
AMC adds about US$37 million of annual revenue and $6 million of EBITDA to the mining and metals part of AFRY’s biggest division, called “Industry”, which accounted for 44% of its c$3 billion 2025 revenues. Stockholm-listed AFRY aims to grow its overall business by 30% over the next three years. Energy and Transportation & Places are its other two core divisions.
Its $1.275 billion Industry sales in 2025 was down about 8% on the previous year.
“This is a key strategic acquisition for us,” AFRY Industry head Nicholas Oksanen said.
“We’re excited to welcome the talented professionals of AMC to AFRY. Their expertise and passion make a real difference and together we’re building an even stronger team ready to deliver greater value for our clients across the mining and metals sector.”
AMC, started as James Askew Associates in Melbourne, Australia, in the early 1980s, is one of the few significant independent mining technical consultancies left in the world after a decade of heavy sector consolidation that followed a further 10 years or so of sporadic mergers and acquisitions.
In 2016 US-based Tetra Tech wrapped up a $96 million acquisition of Australia’s ASX-listed Coffey International, which previously bought RSG Global. Tetra Tech had also previously acquired Canada’s Wardrop Engineering.
Since Tetra Tech’s foray Canada’s WSP Global and UK-based SLR Consulting have been the major consolidators in the mining consulting space, with SLR itself changing hands in 2022. US fund manager Ares Management controls SLR, which most recently (2025) acquired RPMGlobal’s (former Runge Pincock Minarco) advisory arm for about $40 million.
Between 2019 and that deal SLR also picked up Canada’s RPA, Robertson GeoConsultants, Responsible Mining Solutions Corp, Palmer Environmental Consulting and Fuse Advisors, while also adding heavyweight UK consultancy Wardell Armstrong.
WSP completed its $1.14 billion Golder Associates acquisition in 2021 and then added Australia’s Calibre Professional Services and its subsidiary Xstract Mining Consultants.
UK-based ERM also acquired a top Australian-based mining consultancy, CSA Global, in 2019.
And Canada’s Constellation Software, which has been among the world’s most aggressive acquirers of mining software businesses over the past decade, has also managed to become a player in the mining consulting arena via subsidiary Datamine’s purchase of Snowden and Optiro, aka Snowden Optiro.
The acquisitions and consolidation have created enterprises that integrate geological, geotechnical, mining engineering, general engineering, metallurgical, energy and environmental expertise, technologies and services.
AFRY has a current market capitalisation of about $1.59 billion.
