Mastermyne capital investment fuelling growth

MASTERMYNE invested heavily in capital equipment over the six months to December 31 to support its growth and expects to engage in further investment in the coming half.
Mastermyne capital investment fuelling growth Mastermyne capital investment fuelling growth Mastermyne capital investment fuelling growth Mastermyne capital investment fuelling growth Mastermyne capital investment fuelling growth

Mastermyne is investing in capital equipment to fuel growth.

Mastermyne CEO Tony Caruso said capital investment during half year period of $9 million was used mainly for production equipment for its Aquila underground coal mine project in Queensland.

"Aquila project production equipment came to $4.6 million," he said in a presentation.

The company also hire purchase funded two Sandvik loaders at a cost of $1.7 million.

Its Mynesight Training Facility in the Illawarra region New South Wales cost $300,000 while recurring sustaining capex came to $2.4 million.

"Investment in equipment fleet will improve FY20 and future margins," Caruso said.

"Expected 2H capital investment is approximately $5.1 million for remaining loaders [hire purchase funded], $400,000 for finalisation of Aquila production equipment and $1.3 million in sustaining capex."

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