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Mastermyne Group Wins Mining Services Contract Valued at AU$255 Million; Shares Up 15%

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Mastermyne Group (ASX:MYE) secured a new mining services contract with the GM3 joint venture for its Dendrobium underground coal mine in New South Wales worth up to AU$255 million, according to a Wednesday filing with the Australian bourse.

The contract is for an initial two-year term with two two-year extension options, with works scheduled to start in September, the filing said.

GM3 is a metallurgical coal-focused joint venture between Golden Energy and Resources and M Group, the company's largest shareholder, per the filing.

Mastermyne Group shares rose 15% in morning trade Wednesday.

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