DMC16 Nov 2019 08:14
Journey from Dynatec to DMC Mining Services
Since its founding in 1980 as Dynatec Mining Limited, DMC Mining Services has been through a
number
of acquisitions, takeovers and mergers, underscoring the company’s ability to create value.
• In 1988, Dynatec became Dynatec International after making its first major acquisition. It bought Vancouver-based Tonto Mining and Tonto Drilling Services, which gave the company a base in Western Canada, South America and the Western United States. With the merger, the company reorganized into Dynatec International, a parent company with nine subsidiaries, drilling and mining equipment valued at over $50 million and staff of 800 people.
• In 1997, the company merged with Sherritt International’s hydrometallurgical technologies business and was publicly listed as Dynatec Corporation on the Toronto Stock Exchange.
• In 2007, Sherritt International acquired Dyantec for $1.6 billion. This included its stake in the Ambatovy nickel project in Madagascar and the major shareholder position of FNX Mining. As part of the deal, Sherritt dividended the ownership of FNX to their shareholders and sold Dynatec’s mining services division to its old partner, FNX Mining. The Mining Services Division changed its name to DMC Mining Services in 2008.
• FNX Mining merged with Quadra Mining in a $3 billion, merger of equals in March 2010.
• In March 2012, Polish copper miner KGHM Polska Miedz bought Quadra FNX Mining for
$2.9 billion in cash. DMC Mining Services is a division of KGHM.