Byrnecut Offshore

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Our support enabled Byrnecut Offshore to take on a major mining project in Saudi Arabia and accelerate their international growth. 

Perth-based Byrnecut Offshore is an internationally renowned specialist underground mining contractor, offering a unique range of services and expertise. They first started exporting their services to Tanzania in 1999, and today have major customers in Mali, Burkina Faso and in Canada with their joint venture servicing the BHP Jansen project.

“As a full services underground mining contractor we will provide all of the equipment, the services to access underground mining, ground support, ventilation, power, water,all of the employees and technical expertise,” explained their Treasurer, Mark O’Sullivan. “Our job is to develop the mine, extract the ore and bring it to the surface.” Byrnecut Offshore says that it’s working relationships help drive their business.

“Underground mining contracting is a relatively small industry and it really is about relationships and people we’ve had contact within the past,” said Mark. It was exactly this kind of relationship-building that led Byrnecut Offshore to work with Export Finance Australia. It was in 2005 when our Project & Structured Finance Director, Jan Fuchter, first connected Export Finance Australia with Byrnecut Offshore.

“I’ve known Jan for many years. He had been following the Byrnecut Offshore story and we’ve had regular meetings for 15 years,” Mark said. “We’ve provided Export Finance Australia with the details of our operations and finance – you’ve seen our growth.

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The opportunity for finance support

When Byrnecut Offshore won a mining contract for the Jabal Sayid copper mine in Saudi Arabia, they needed finance. This would assist with purchasing mining equipment, maintenance, and workforce training to enable them carry out their services.

“None of our traditional bankers were interested in lending money for us to go into Saudi Arabia. We get external financing outside of Export Finance Australia for Burkina Faso and Mali, but we couldn’t get it for Saudi Arabia,” said their Finance Director, Peter Sullivan.

“When the opportunity arose, Export Finance Australia was there. It was just the same as if we were approaching one of our traditional financiers. No different, it was seamless, and we were quite satisfied,” said Peter.

We worked closely with Byrnecut Offshore to understand their business. After completing our credit assessment, our $10m loan enabled Byrnecut Offshore to continue with their underground mining operations at Jabal Sayid.

Byrnecut Offshore said they would recommend working with us to other businesses requiring financial support. “Absolutely. We needed working capital and cash funds for equipment financing, and Export Finance Australia came onboard,” said Mark.

“Export Finance Australia assists when we were unable to access other finance markets.”

When the opportunity arose, Export Finance Australia was there. It was just the same as if we were approaching one of our traditional financiers. No different, it was seamless, and we were quite satisfied.

Peter Sullivan, Finance Director, Byrnecut Offshore