Mines firm on the up

SHARES in Mastermyne touched three-year highs after the Mackay-based mining services firm predicted a rise in revenues and raw earnings.

Mastermyne is still almost a quarter of a value it hit in 2012 during the mining boom, but investors have been returning to mining-services firms as a commodities slump ends.

The shares closed up 5.5¢ at 56.5¢ yesterday after hitting 59¢ during the day. They were last at that closing price in October 2014, according to IRESS records. Mastermyne said 2018 revenues should lift to between $165 million and $185 million, a slight lift on earlier guidance.

Earnings (before interest, tax, depreciation and amortisation) would likely hit between $10 million and $12 million, Mastermyne added. That compares to $4.77 million for 2017.

Mastermyne plans to increase its workforce by 250.