“Macquarie’s investment in MST gives us great confidence in being able to truly position ourselves as the leading global OEM of network and communications infrastructure for the world’s largest mining organisations,” MST founder and managing director Gary Zamel said.

“It will enable us to continue to roll out our proven sales and service support infrastructure in key markets and expand our sales capabilities to current and new customers across the globe.”

MST said it aimed to pursue an expansion strategy over the coming 12 to 24 months.

This includes organic investment into its existing markets, plus “potential acquisitions to build market presence, technology innovation and resource capabilities”.

MST, established in 1989, has its underground and surface mine technology products in more than 500 mines across Australia, US, China, Canada, Peru, Sweden, Finland, Chile, Zambia, Mali and the Democratic Republic of the Congo.

The company was advised by KPMG Corporate Finance and Minter Ellison over its transaction with Macquarie Capital, a strategic capital arm of the wider Macquarie banking group.

Neither party revealed the sums involved or the stake Macquarie will gain of MST.

The New South Wales government is expected to provide intrinsic-safety approvals for several communications systems for underground coal mines over the next three months, which was one of the outcomes of an industry proximity-detection workshop held in February.

Queensland government approvals are generally anticipated to take a little longer.