A Thiess hauler moves mining debris. (Image: CIMIC Group)

Cimic bought back an additional 10% equity interest in the Thiess business for A$320 million (US$208.1 million), taking its ownership of the company to 60%.

Cimic sold 50% of Thiess to funds advised by Elliott Advisors (UK) in 2020, which had a put option to sell back to Cimic between January 2024 and December 2026.

Following this latest deal, the put option for the remaining 40% is exercisable between April 2025 and December 2026.

Hochtief said that Cimic will now strengthen its governance over the day-to-day operations of Thiess and as a result, Hochtief and Cimic will fully consolidate the business into their financial accounts.

Hochtief CEO Juan Santamar铆a said, 鈥淚ncreasing our ownership of Thiess strengthens Cimic鈥檚 business profile, as it grows its commodities portfolio to include metals and minerals critical to the world鈥檚 shift to zero emissions and develops services to enable sustainable mining, reflects the strategic importance of the energy transition to the group.

鈥淭hiess is a well performing business underpinned by long-term, low-risk contracts, providing a stable income and cash flow stream.鈥�

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