The owner of the mine, Sojitz, bought the mine off BMA in 2019 for $100 million and Mastermyne was engaged last year to start the re-entry process.
This morning Mastermyne said it had been granted the mining contract over a seven-year term.
It expects 180 jobs would be created at full production, but it has to also put in underground infrastructure including conveyor systems, ventilation and surface infrastructure which it expects would take about six months.
It said the contract would deliver an average $80 million to $100 million revenue a year once in full production.
Initial funding would come from Sojitz and Mastermyne.
The Crinum contract plus the recently announced extension to the Aquila contract from Anglo Coal meant Mastermyne’s order book for post-2021 was at $1.1 billion.
Chief executive Tony Caruso said the execution of the company’s first mine operations contract was a major milestone for Mastermyne and was significant for the transitioning of the business to a commercial model.
Sojitz and Mastermyne have been working since early in the feasibility process.
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