Australian industrial services provider SSH Group has entered a non-binding term sheet to potentially acquire Total Contract Mining (TCM) to expand its mining services capabilities and bolster its position in the Australian resources sector.
This initiative follows SSH Group’s recent efforts to enhance its mining services offerings, which include expanding its Mining Services vertical, restructuring business units for better scale and synergy, and focusing on providing comprehensive turnkey mining solutions.
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The transaction is subject to various conditions including due diligence, key personnel agreements and board approvals.
The companies expect the due diligence process and the finalisation of the agreement to take place within four weeks of the signing date.
During this period, TCM has agreed to exclusively negotiate with SSH and refrain from engaging with other potential buyers.
SSH Group managing director Daniel Cowley-Cooper said: “The signing of this non-binding term sheet for the potential acquisition of Total Contract Mining represents another significant step in our strategy to grow our Mining Services division.
“This opportunity, combined with our recent progress in securing key agreements and advancing discussions in the sector, positions SSH Group for potential substantial growth in the Australian resources industry. This is a move designed to create value, deliver scale and build resilience in SSH’s operating model.”
The proposed acquisition will add two key executives, Kevin Malaxos and Sam Baker, from TCM, with Malaxos being considered for a non-executive director position on the SSH Group board.
The financial details of the potential acquisition are yet to be determined and will be established through the due diligence process.
SSH Group and TCM are working towards a consideration structure that will likely include a mix of cash and SSH securities, linking the transaction to performance milestones and fostering post-acquisition alignment between the two entities.
In February 2025, Pure Resources entered into a non-binding heads of agreement with SSH Group to accelerate the development of the Reedy Creek Garnet Project in Western Australia.
