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CIMIC returns Thiess to full ownership, strengthening global mining services platform

CIMC Group

CIMIC Group has acquired the remaining interest in Thiess Group, returning the global mining services business to full ownership.

CIMIC has acquired the remaining interest in Thiess for A$1.18 billion. The acquisition follows CIMIC’s sale of Thiess into a joint venture in 2020.

ACS Group and HOCHTIEF Chief Executive Officer and CIMIC Group Executive Chairman Juan Santamaría said:

“Thiess is a high performing business with long term contracts, strong cash flow generation and a clear strategy aligned to the evolving needs of the resources sector.

“Thiess is continuing to grow and diversify its commodities and services to support the energy transition. It is also pioneering new ways of working through advanced equipment and technology to enhance safety, productivity and operational performance.

“Returning Thiess to full ownership supports CIMIC’s long term portfolio objectives and provides greater strategic flexibility.”

Since 2020, Thiess has continued to rebalance its portfolio, expanding its presence in metals, critical minerals, underground mining, asset management and rehabilitation services.

Thiess Group Executive Chair and Chief Executive Officer Michael Wright said:

“Thiess Group today is a global mining services leader, with operations across a broad range of commodities, services and jurisdictions. Full ownership by CIMIC supports our long term strategy of growth, providing our clients with a strong balance sheet and global capability, and our people with enhanced opportunities across a diverse portfolio of operations.

“We remain disciplined in how we operate, with a strong focus on operational performance, technology integration and sustainability to deliver consistent, high quality outcomes for our clients.”

Thiess will continue to operate as a global mining services business within the CIMIC Group. There is no change to its client commitments, people focus or safety priorities.

About us:

CIMIC Group is an engineering-led services, construction and natural resources leader with a history dating back to 1899. Powered by 39,000 people, and pioneering technology and engineering, we deliver high-value and sustainable solutions across the lifecycle of assets, infrastructure and resources projects in around 20 countries. CIMIC Group comprises our engineering and construction businesses CPB Contractors and Leighton Asia, our integrated solutions providers UGL and Sedgman, our natural resources company Thiess (60% ownership), and our development and investment arm Pacific Partnerships – all supported by our in-house engineering consultancy EIC Activities. Our mission is to generate sustainable returns by delivering innovative and competitive solutions for clients and safe, fulfilling careers for our people. We strive to be known for our principles of Integrity, Accountability, Innovation and Delivery, underpinned by Safety.

Contact details:

Ms Fiona Tyndall, Communications T+61 429 370 414