Thiess looks to cut coal exposure with MACA bid

Mining services major lobs A$350m bid for gold, iron ore contractor

The world’s largest mining contractor, Thiess, will cut its thermal coal market exposure and expand to a circa-A$5 billion-a-year (US$3.5b) mining services business if it succeeds with a A$350 million cash offer for Western Australia-focused MACA.

Thiess, owned 50-50 since 2020 by New York-based Elliott Management and Spain’s CIMIC, generated about 75% of last year’s A$3351m revenue from metallurgical and thermal coal contracts. Fitch Ratings said earlier this year some 40% of Thiess’ work-in-hand was in thermal coal (in Indonesia, Mongolia and Australia), “which is exposed to energy transition risk”.

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