In an update Mastermyne said there would be further growth to come as new projects started to generate revenue and two whole-of-mine opportunities neared final investment decision by their respective owners.

The company has increased its 2017-18 revenue guidance to $180-$200 million from $160-$180 million previously and upgraded its earnings before interest and tax depreciation and amortisation to $13-$16 million from $10-$12 million.

“The Mining Division continues to mobilise roadway development projects,” the company said.

“Mobilisation of remaining development projects underway and will be completed by December 2017.

“Equipment demand remains strong pushing overall utilisation rates back to historical levels.”

Mastermyne said new projects were successfully attracting a high quality workforce with the right skills.

“Workforce numbers on existing project remain stable,” it said.

“Turnover is low as workforces settle into long-term contracts. Wage escalation settled following the pick-up in the sector.”