Private outfit snares 9% Brierty stake

Private company Mining & Civil Australia has bought a major interest in civil contracting and mining services company Brierty for $2 million cash.

In a notice to the Australian Securities Exchange today, Welshpool-based Mining & Civil said it bought 10.3 million shares for just over $2 million to hold a 9.35 per cent stake.

M&C, incorporated in 2002, paid 20 cents per share yesterday for the Brierty stock.

Shares in Brierty closed up 1.5 cents to 20 cents today.

M&C financial director Ross Williams told WA Business News the company had been looking to invest in a contracting company for some time.

He said a lot of the other contracting companies had recovered in their share prices while Brierty hadn't, therefore representing good value.

He added there was no intention of launching a takeover.

M&C's client list includes Western Areas, Murchison Metals, Magellan Metals and Mincor Resources.

The contractor has been hired to carry out work on Sinosteel Midwest Corporation's Koolanooka project in the Mid West region, which has been stalled following the state environment watchdog's rejection of part of the mining proposal.