Underground mining contractor Byrnecut has won a A$400 million extension of its contract at the Abra silver-lead mine in Western Australia, where it started development in the second half of 2021.
Mine owner Endurance Mining said Byrnecut had “supported the operation through key moments in Abra’s journey, including the transition through voluntary administration and the strong production momentum delivered since”.
“Together the teams have helped us achieve repeated monthly and quarterly production records.”
Taurus Funds Management acquired Abra out of voluntary administration last year after previous owners Galena Mining (60%) and Japan’s Toho Zinc (40%) bowed out. Endurance CEO Matthew Hine said when the company recently posted encouraging December quarter production and financial results Abra was firmly entrenched as a top 10 Australian silver producer.
“The December quarter saw 347,587 tonnes of ore processed with record head grades of 36.4gpt silver and 7.5% lead,” Hine said.
“Importantly the operation converted the result into record financial performance, delivering $19.5 million EBITDA and $8.5 million net mine cashflow after capital investment of $5.8 million.
“The board and management with support from Taurus Funds Management have commenced assessing strategic options to further develop the business.
“This includes exploring an initial public offering on the Australian Stock Exchange in late 2026.”
