Roadtrain innovator at the crossroads

Rivet Mining roadtrain in Western Australia.

An independent assessment of the financial position of Rivet Mining Services (RMS) is currently underway by receivers EY and FTI Consulting in the wake of the bulk haulage specialists’ recent demise.

The firm, chaired by ex-Toll executive Mark Rowsthorn, entered administration last Wednesday, according to Australian Securities and Investments Commission (ASIC) documents.

A provider of transport services to miners in Western Australia, Rivet had been carrying base metals in the Pilbara and Kalgoorlie goldfields, loading and hauling lithium, iron-ore, manganese and gold ore across its fleet of roadtrains.

The heavy vehicle fleet, utilising quad roadtrains, super quads and quin 60-metre multi-trailer combinations, had built a reputation on pushing the envelope on mass loads and payloads having eclipsed 200 tonne gross masses in partnership with key suppliers, Kenworth, JOST and Mack among them.

Unfavourable inflationary financial pressures, labour shortages and a series of adverse weather events that led to costly project disruptions brought to a head the precarious viability of the Perth-based Rivet leading receivers last week to seize control of Rowthorn’s holding company, Blondie Trading.

“RMS will continue to trade on a business-as-usual basis while the Receivers conduct an independent assessment of its financial position and seek to sell the business as a going concern,” FTI Consulting said in a statement.

The appointment of receivers relates only to the mining services business, with other entities of the Rivet Group continuing to trade in their usual manner.

While receivers attempt to sell the business as a going concern, the latest accounts lodged by Blondie Trading reported earnings of $82 million and a net loss of $6.6 million for the year ending to June 30, 2020.

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