Mining Services Sector: Consolidation Ahead and Rise of Structured Deals

Mining Services Sector: Consolidation Ahead and Rise of Structured Deals

The Mining Support Services sector is a major part of Australia’s business landscape – worth $14.4 billion in 2025 and employing 38,000 people. The sector as a whole is flat with IBIS predicting modest growth of 1.5% over the next five years, following a recent decline. Volatility remains high, driven by commodity price fluctuations.
Surprisingly to many, coal mining companies remain at 32% of the total sector, with other mining companies combined at 42%. Iron Ore is just over 18%.
One of the main players with just under 10% market share NRW Holdings, have expanded through acquisitions, securing valuable long-term contracts on a variety of mining projects through intelligent buying of competitors.

We see continued consolidation in the space, an example of which was our client Axis Mineral Services recently who were acquired by Raubex Group Limited, the South African listed company active in Australia.
Axis, a contract crushing business, was highly complementary to Raubex’s Australian division.
Chris Venter CFO of Axis, who was instrumental in this deal providing great leadership throughout, commenting on his own LinkedIn:
“You don’t just complete a deal—you create conditions for growth.”
Congratulations to Chris, Joel Alman, and the team as they embark on the next phase!

Raubex initially acquired 67% of Axis, allowing vendors to capture upside through future growth. These structured deals help buyers mitigate risk while keeping management engaged for long-term success.
We expect continued consolidation in mining services as the market flattens, and buyers seek growth through strategic mergers.

What trends do you see shaping mining services in the next 5 years?

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