We have acquired 100% of MTi Group, an Australian company that manufactures and distributes consumable products optimizing the rock fragmentation process.
Enaex, a subsidiary of Chilean business group Sigdo Koppers, acquires 100% of MTi Group’s shares, a global leader in blasting consumables for mining. The deal, completed today after a negotiation process in August 2022, was valued at A$125 million, equivalent to US$85 million.
MTi Group is an Australian company with more than 25 years of experience in the design, development, manufacture, and distribution of consumable products that optimize the drilling and blasting processes in mining. Its main products are Blastbag and Blastshield.
The acquisition will complement our product and solution offerings, enabling us to provide better solutions to our customers. Our CEO, Juan Andrés Errázuriz, highlighted that “the acquisition of MTi Group is consistent with our strategic plan to continue strengthening our international presence in the main mining regions, in order to continue providing an excellent service to our customers“.
Currently, the company has a commercial presence in Australia, South Africa, the United States, and Latin America, maintaining an essential portfolio of clients, among which the following stand out: BHP, Anglo American, Newmont, Glencore, Rio Tinto, Barrick and Vale among others.
The company has around 100 employees and four production sites in Australia, China, the United States, and South Africa. The quality of its products and its capacity for innovation are the company’s most important attributes.
This acquisition follows our recent incorporation as a shareholder of O-Pitblast, a Portuguese subsidiary of Finland’s Forcit Group. O-Pitblast provides leading technology for the global mining markets. It offers a wide range of software to optimize excavation, drilling and blasting, enabling efficient control and management of mining activities.
Both operations are consistent with Enaex’s objective to improve our value proposition and create stronger bonds with our customers.