London-listed Weir is acquiring Brazil’s fast-growing Fast2Mine, five months after wrapping up its US$800 million acquisition of Australian mining software company Micromine.
Belo Horizonte-headquartered Fast2Mine, founded a decade ago, has had a successful two years or so expanding its footprint outside of Brazil. The company aimed to generate about $4.5 million in sales this year after turning over $4 million last year, but founder and CEO Eder Griebeler told InvestMETS.com earlier this year he aimed to grow the circa-80 mines using Fast2Mine software threefold by 2027.
Weir said Fast2Mine’s “contemporary” mine management solutions (MMS) complemented Micromine’s mine planning and mine control software.
“Its technology helps miners with material management, mine optimisation, short-interval control, fleet management and select asset health diagnostics,” the buyer said.
“Fast2Mine’s robust platform is offered as a SaaS solution comprising of four modules designed around a modern, web-native interface that prioritises ease of use while delivering advanced reporting functionality.
“The platform currently services 84 mines across multiple commodities and countries such as Brazil, Chile, Argentina, Mexico, Guyana and Liberia.”
Most of Fast2Mine’s customers are in Brazil.
The proposed deal, for an undisclosed price, would have “no impact on Weir’s full-year guidance as of 31 July”, it said.
Weir CEO Jon Stanton said the acquisition of Fast2Mine would “accelerate our expansion into the South American mining software market, providing a strong and immediate presence in Brazil, home to some of the world’s largest mineral deposits”.
“Fast2Mine’s software platform is a highly complementary addition to Weir’s mining software suite, including meaningful synergies with Micromine’s Alastri openpit mine planning solution and adjacency with Micromine’s Pitram underground fleet management solution.”
Fast2Mine was recognised as InvestMETS’ 2024 Best scale-up in the platform’s Global Mining Technology Awards.
