Fermiscans Richard Wright, a former Hancock Prospecting executive, plans to offer resources services 'to fill a huge vacuum' Source: The Australian.
A FORMER lieutenant of mining magnate Gina Rinehart is steering a failed biotechnology company into the mining services sector, with the acquisition of a group of companies that recruit skilled workers from overseas. Richard Wright, a former director of Hancock Prospecting, is heading up Fermiscan Holdings, where he plans to build a diversified mining services group providing engineering, maintenance and construction services to the mining, energy and petrochemicals sectors. The company's $3.4 million acquisition of Perth-based Industry Partners and Immigration Partners is on track for completion by the end of June. A political row is brewing over the issue of overseas labour, after Immigration Minister Chris Bowen last week signed off on the first enterprise migration agreement, approving 1700 foreign workers for Hancock Prospecting's iron ore project in Western Australia.
Mr Wright was previously employed by Hancock as director of its Roy Hill and Central Pilbara iron ore projects.
He was reluctant to comment specifically on the controversy about the agreement, Mr Wright said the impending shortage of skilled labour was a critical issue for the resources sector.
According to the Australian Metals and Mining Association, 7300 holders of 457 visas are working in the resources sector, which employs about 211,000 people. With billions of dollars in capital projects earmarked in coming years, experts forecast that the sector could be 36,000 tradespeople short by 2015.
"There's a large gap between the number of people available at the moment and the forecast requirement, and that has got to be bridged by either workers coming across from eastern states or by bringing in foreign workers," Mr Wright said. "The plan for the company is to become a resources services group . . . to fill a huge vacuum we see there. And what we're doing at the moment is the very first step."
Industry Partners supplies tradespeople to second and third-tier engineering firms servicing the resources sector, such as RCR Tomlinson and AGC. It has 60 foreign workers in jobs nationally and turns over about $11m in revenue a year. Mr Wright said there was scope for growth in labour outsourcing, but the long-term plan was to source foreign workers to staff its own operations.
"We're looking at other acquisitions in the area of resource services. There's certainly a lot of blue sky," he said. Fermiscan subsidiary Tempo Industry Partners has reached agreement with the Department of Immigration and Citizenship allowing it to source and sponsor skilled labour from overseas.
The Australian Securities Exchange-listed Fermiscan, which had been developing a test for detecting breast cancer, collapsed in 2009. Its shares are suspended but are expected to resume trading by the end of this month.
The link: http://m.theaustralian.com.au/business/mining-energy/offshore-recruiter-targets-resources/story-e6frg9df-1226377818654
FER Price at posting:
2.0¢ Sentiment: LT Buy Disclosure: Held
