Hochtief subsidiary CIMIC Group has returned to 100% ownership of the world’s largest contract miner with its A$1.18 billion (US$810 million) purchase of 40% of Australia’s Thiess from US hedge fund Elliott Investment Management.
Elliott acquired half of Thiess in 2020 for about A$2.15 billion and then sold 10% back to CIMIC for $320 million in 2024. Thiess’ 2020 circa-A$4.1 billion annual revenue grew to about $6 billion last year, with 2025 EBITDA at $1.28 billion.
CIMIC acquired Australian hard-rock mining contractors MACA (A$350 million) and Pybar ($65 million) in 2022 and 2024, respectively, to boost Thiess’ non-coal market exposure. S&P Global said in a recent report Thiess’ thermal coal revenue had dipped from 45% in 2021 to 25.9% last year. It expected the contractor’s revenues to grow 2.6-2.7% in 2026 and 2027, “driven by material contract renewals from 2025 and continued conversion of the tendering pipeline into work-in-hand”.
CIMIC booked 2025 sales of €10.6 billion (A$18.635 billion) and the business had a reported A$38.4 billion order backlog at the end of 2025. Critical minerals and natural resources comprised the largest part of that at 37% with 80% of the total backlog said to be in Australia and New Zealand.
Digital and advanced technology work, including data centres, was the fastest growing market segment with 10% of the overall CIMIC backlog. It said: “Total Australian data centre capacity is expected to almost double from 1.6GW in 2025 to 3.1GW in 2028, with data centre construction spending expected to increase to A$10.8 billion in 2028.”
Meanwhile, the SE Asia data centre pipeline had more than doubled since 2024 to US$102 billion.
“Thiess is a high performing business with long term contracts, strong cash flow generation and a clear strategy aligned to the evolving needs of the resources sector,” Hochtief CEO Juan Santamaria said this week.
“Thiess is continuing to grow and diversify its commodities and services to support the energy transition. It is also pioneering new ways of working through advanced equipment and technology to enhance safety, productivity and operational performance.
“Returning Thiess to full ownership supports CIMIC’s long term portfolio objectives and provides greater strategic flexibility.”
