Toronto - STRACON S.A., a majority owned subsidiary of Ashmore Group, announced that it acquired, through its wholly owned subsidiary STRACON International S.A.C., a 60% controlling interest in Dumas Holdings Inc.. Dumas is a leading, full-service, underground mining contractor, focused on providing services to clients in Canada and Mexico. Dumas specializes in underground mine construction, mine development, production mining, mine services and engineering.
The acquisition combines STRACON's market leading position as a full-service mining contractor specializing in open-cut mines in Latin America with Dumas' leading underground capabilities, providing STRACON with increased access to the growing North American market. The deal closed effective as of October 26, 2018. Daniel Dumas will remain with a 40% shareholding and a member of the Board of Directors of Dumas.
Steve Dixon, Chief Executive Officer, of STRACON, said: "This acquisition is an important part of our strategy to diversify the services we offer and the jurisdictions where we operate. Dumas has a significant portion of the underground market in Canada and Mexico. The addition of their capabilities creates a powerful service offering for our clients and investors."