Mastermyne Wins Tahmoor Contract Valued Up to $240M

Mastermyne (ASX:MYE) Group announced a new mining services contract for the proposed restart and ongoing operation of the Tahmoor metallurgical coal mine in NSW, adding a third GM3 mine to its Illawarra contract portfolio.

The contract with GMT Mining Pty Ltd has an initial term of 2 years with gross revenues of approximately $80 million. Two further 2-year extension options, if exercised by the client, would take total gross revenues over the 6 years to approximately $240 million. The highlights describe approximately 160 roles and the body more than 160 new roles, and Mastermyne expects its total workforce to exceed 1,000 people after mobilisation. Tahmoor was acquired by a consortium of M Group, Mastermyne's largest shareholder, and Golden Energy and Resources (GEAR), and is to be operated by GM3, which also owns and operates the nearby Appin and Dendrobium mines. Mastermyne already holds contracts at Appin, which commenced in May 2025, and Dendrobium, which commenced last month.

The $240 million figure depends on the client exercising both extension options, and the restart is described as proposed. The release does not state a margin, earnings contribution or start date for the contract.