Epiroc completes acquisition of New Concept Mining
Epiroc, a leading productivity partner for the mining and infrastructure industries, has completed the acquisition of New Concept Mining, a South African manufacturer of rock reinforcement products for underground mining.
New Concept Mining is based in Johannesburg, South Africa, and has facilities also in Peru, Zambia and Canada. It manufactures a comprehensive range of underground mining roof support products, rock monitoring systems and related accessories. New Concept Mining has about 900 employees and had revenue in 2018 of approximately $90.3 million. The company is registered as Innovative Mining Products (Proprietary) Limited, but is trading and is widely known as New Concept Mining.
“This acquisition will enable us to strengthen our global position in the hard rock bolting market,” said Helena Hedblom, Epiroc’s senior executive VP mining and infrastructure. “We are happy to combine forces with the strong team at Innovative Mining Products to bring the best rock reinforcement solutions to mining customers.”
Epiroc said the purchase price is not material relative to Epiroc’s market capitalization and is not disclosed. The business becomes part of Epiroc’s Rock Drilling Tools division, and will continue to be based in Johannesburg.
(This article first appeared in the Canadian Mining Journal)