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KPMG sees growth momentum in mining

Posted by: Admin | Posted on: July 22nd, 2014 | 0 Comments

Major global accounting firm KPMG has bought Western Australia-based, mining-focused management consultancy firm Momentum Partners in a deal reportedly worth about A$5 million (US$4.7 million) and expected to close next month.

Momentum Partners’ founder and managing partner Carl Adams is joining KPMG as a partner and head of mining (Australia), based in Perth. Most of the firm’s 28 staff in Perth, Adelaide, Brisbane, Sydney and Melbourne are expected to join and integrate with KPMG.

KPMG also said it completed the acquisition of Classic Slee, based in Karratha in WA’s north, said to provide remote location services to mining, multinational oil and gas, and indigenous clients, as well as accounting and business services to high income earners and local businesses.

“These acquisitions continue KPMG’s investment-led growth agenda,” KPMG Australia CEO Gary Wingrove said. “We are aiming to significantly grow our advisory presence in the mining sector over the next three years, supporting growing demand as the industry adjusts to the changes in its operating environment.”

“Carl [Adams] and his team have built a mining consulting business that marries industry experience with a robust methodology which has proven resilient, and will integrate neatly with KPMG’s business model.”

Adams said Australia’s mining industry was adjusting to a changing global environment.

“Our main focus will be helping clients identify and realise sustainable productivity and efficiency improvements. Strategy and portfolio optimisation are also top of mind for most senior mining executives,” he said.

“We have a positive outlook for the industry given our faith in mining leaders’ ability to optimise their businesses as well as the potential for improving commodity prices. In this environment, we believe clients with new projects will be looking to set up their operations for best practice through sound operational design.”

Momentum’s client base has included BHP Billiton, Rio Tinto, Fortescue Metals Group, Northern Star Resources and Gindalbie Metals.

Article source: http://www.mining-journal.com/services/kpmg-sees-growth-momentum-in-mining

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