Established in 2015 as a diversified contractor to the Western Australian resources sector, Iron Mine Contracting (IMC) has been achieving major year-on-year growth since inception and has big plans to advance that growth trajectory further.
Providing civil, mining, crushing and screening, and Indigenous partnership opportunities to top tier resource clients, IMC aims to solidify its position within the market with a newly developed five year growth plan, supported by Ledge Finance.
IMC chief operating officer Derek Williamson said they had started Iron Mine Contracting in what was a reasonably depressed market and as the market improved and IMC performed for its clients, its opportunities increased.
“At IMC we pride ourselves on the capability it provided its clients across our diversified product offering, which has been growing at over 100 per cent year-on-year for the past five years,” Mr Williamson said.
IMC chief executive officer Clinton Keenan said it was crucial that the financial partner IMC chose to move forward with had the capability to support its next five-years of growth.
IMC plans to diversify its product offering into larger systems of mining and crushing to best meet its clients’ needs.
“Our five-year horizon sees us continue our growth into $200 million per annum in revenue for our business, which required us to consider early engagement of the major lenders in support of these ambitions,” Mr Keenan said.
To secure the capital necessary to fund IMC’s strategic initiatives, Ledge facilitated a competitive banking tender process and secured a multi-faceted Corporate Banking Facility, which will carry IMC through to its next stage of growth.
Mr Williamson said IMC had engaged Ledge since its inception, partnering on its growth capital needs across equipment financing into larger strategic acquisitions.
“Ledge has helped us grow through what essentially are a lot of stages of challenging times.
“They have been a key partner underpinning our growth to date and continue to be a company that is proactive in offering us solutions to enable us to consider a raft of opportunities into the future,” Mr Williamson said.
“In an ever-expanding, fast-growth company, our clients expect strong relationships based on performance and that has been enabled by the Ledge team in meeting our maturing lending requirements.”
Mr Keenan said consolidation was occurring throughout the tier one resources space, which was driving a demand for the next wave of safe, capable and diversified contractors.
“IMC is well positioned with a capable team, strong asset base and diversified client relationships to meet this market need,” he said.
“Capability is a big piece of the product we provide for our clients, and for us our partners need to provide that capability through to us, which Ledge has done.
“They have enabled us to set up our next five-year platform for growth, to diversity our product offering into larger systems of both mining and crushing, for our clients.”
Ledge Finance finance executive, Isaac Hough said Ledge had developed an enduring relationship with IMC over several years and was proud to have a significant impact on the growth opportunities for the business.
“Iron Mine Contracting initially approached us with the need for debt solution to fund its management buyout led by Clinton Keenan and Derek Williamson,” Mr Hough said.
“We successfully navigated this with one of the major banks and from there have worked with IMC to build their credit profile, which has assisted them to secure a spread of equipment finance providers in the broader market.
“This strategy has supported the business growth and at the same time assisted the client to manage their commercial and finance risk.”
Ledge Finance is one of Perth’s leading commercial finance companies. Established in 1979, Ledge has over 40 years’ experience in assisting small to medium enterprises and corporate markets with debt solutions.
Ledge is driven by a relationship-focused approach to clients and specialises in finance and commercial risk mitigation to ensure its clients are prepared for evolving market conditions.
Article was originally published in the Business News Book of Lists 2021.
If you’re seeking a commercial business finance solution and would like to learn more about what Ledge can do for you, contact us today.
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