The deal allows Capricorn Mining to grow through diversification of products and services and to expand its business into New South Wales.

Mastermyne director Andrew Watts said the Capricorn acquisition allowed the two companies to take advantage of organisational synergies.

“Mastermyne have been using Capricorn as a supplier of engineering and fabrication services for our substantial underground mining equipment fleet for several years and we have always been impressed with their efficiency, engineering and the quality of the product,” Watts said.

Mastermyne said it planned to work closely with Capricorn to further develop its reputation as a supplier of purpose-built equipment for the underground mining sector.

Capricorn founding director Luke Pengilly said he was looking forward to tapping into Mastermyne’s operating systems and financial capacity to support Capricorn in its plans to expand the current capacity and suite of services.

“The businesses have very similar operating philosophies which are based around quality of product, quality of service and appreciation of the people inside the business,” he said.

Both Mastermyne and Capricorn are currently working together on the design and manufacture of a track-mounted secondary support rig primarily for underground secondary support, but with some application in tunnelling and mining as well as shaft sinking.

The rig – tagged “The Ferret” – requires less compressed air (volume and pressure) to operate efficiently and safely. It has also been designed around operator comfort with ergonomics that allow prolonged operation.