Advanced Search

Share Coverage



Category: Business, Economics and Finance / Company News / Mining Industry / Telecommunications

Telstra acquires mining technology firm CBO

Thursday, 23 Jun 2016 09:42:22 | Thuy Ong

Telstra is looking to tap into the mining technology sector. (submitted)

Australia's biggest telecommunications company Telstra says it will acquire the network firm CBO Telecommunications, known for its capabilities in wi-fi and other technology in mine sites, for an undisclosed sum.

Telstra is Australia's seventh-largest company according to Reuters, and is looking to tap into the resource sector's thirst for automation and boost production as a slump in commodity prices force miners to reduce costs.

"This downturn has created a once-in-a-lifetime shift, where miners are looking to technology innovation to help them future-proof their operations," Telstra's global industries head David Keenan said in a statement.

"This investment means we can confidently meet the industry's communication needs at Australian mine sites."

Commodity prices have slumped this year on fears of oversupply and slowing economic growth in China, the world's second-largest economy.

Telstra is forming a mining technology unit from the acquisition and has also hired Rio Tinto's former head of automation technology Eric Nettleton, and AgloAmerican's recent head of technology and innovation Jeannette McGill.

"These investments are part of our strategy to create a significant global mining technology product and services business," Martijn Blanken, group managing director for global enterprise and services.

Telstra said it was committed to helping the industry transition to a digital future.

AustraliaPlus


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend