Resources Health and Safety Queensland are investigating the incident, with all mining operations suspended until further notice.

At the time of writing, the Mastermyne share price has plummeted 18.55% to 90 cents.

What happened?

In a statement to the ASX, Mastermyne reported that a worker was fatally injured last night in an underground mine collapse in central Queensland.

A section of wall and ceiling caved in while operations were underway at Gregory Coal Mine, located at Crinum, the company said.

Mastermyne advised that one of its workers was fatally injured, while another employee was trapped in the rubble. He has since been freed and is in hospital with non-life-threatening injuries.

Mastermyne managing director Tony Caruso said the company was providing support and assistance to the affected families. Counselling services have also been made available to all staff impacted by the incident:

This is a tragic event and our immediate thoughts are with the family, friends and workmates of our employee.

The safety and wellbeing of our staff is one of our core values. The cause of the incident will be thoroughly investigated and we will continue to support the family and our work colleagues.

Quick refresher on the Mastermyne contract

In late May, Mastermyne secured a $660 million mining services contract to operate the Gregory coal underground mine owned by Sojitz.

The 7-year deal includes an initial 6-month period of work to re-establish the underground infrastructure, with 180 full-time personnel employed. Works include conveyor systems, ventilation and associated mine services, plus remediation works and surface infrastructure.

The company previously planned to start mining production late this calendar year.

The mine has coal reserves amounting to 159 million tonnes of coking coal. This makes it one of the largest coal reserves in Australia and the world.

About the Mastermyne share price

As of market close yesterday, Mastermyne shares were trading 25% higher over the past 12 months. However, after today's significant fall, its shares are now flat.

The company's share price is up by more than 30% year-to-date.

Based on today's price, Mastermyne has a market capitalisation of roughly $97.3 million, and approximately 107.5 million shares on issue.

The post Mastermyne (ASX:MYE) share price sinks 18% after mining fatality appeared first on The Motley Fool Australia.

At the time of writing, Mastermyne shares are swapping hands for 83 cents, up 6.41%.

Details of the deal

In a statement to the ASX, Mastermind advised is has been selected for the Gregory Crinum Underground Whole of Mine Contract by Sojitz Blue Pty Ltd.

The award strengthens the relationship between the pair, in which Mastermyne was previously tasked to undertake a number of works. This included a feasibility study focusing on the development of a high productivity bord and pillar mining operation. In addition, Mastermyne also engaged as the Mine Operator to run through the re-entry process, with completion in October 2020.

The new project award is divided into two sections, the re-establishment process, followed by the mining production phase.

During the initial phase, the re-establishment process will see infrastructure works built into the underground mine. Expected to take 6 months to complete, the project involves conveyor systems, ventilation, mine services, remediation works and surface infrastructure.

Once the re-establishment process is finalised, the mine will immediately transition into production. The underground mine is estimated to produce roughly 11 million tonnes ROM (run of mine) over the project life. Mastermyne projects mining production to occur sometime later this year.

The contract term is valid for 7 years and 6 months, and is assumed to generate revenue of between $600 million and $660 million. On average, this equates to $80 million to $100 million in revenue per annum once in full production.

Initial funding for the project will be combined, with Mastermyne drawing on its strong existing cash reserves. The overhaul of the mining fleet and ancillary mining equipment will also be primarily funded by the company.

Management commentary

Mastermyne CEO, Tony Caruso welcomed the new deal, saying:

The execution of our first Whole of Mine Operations contract is a major milestone for Mastermyne and is significant in transitioning the business into a commercial model that is not only complimentary to the existing contracting model but will provide an even greater level of earnings certainty over the long term. Through the detailed feasibility work and contract negotiations the team has put together a balanced contract structure that minimises downside risk whilst at the same time rewards the business (through stronger margins) for better production performance.

Sojitz CEO, Cameron Vorias went on to add:

We are delighted to have Mastermyne as our highly regarded partner for this development and it will support our strategic plans for the growth of high quality hard coking coal from the area.

Mastermyne share price snapshot

The last 12 months have been a rollercoaster ride for Mastermyne shareholders, with its shares moving in volatile directions. Most recently, the company's share price reached a 52-week low of 55 cents in March, before slightly rebounding.

Mastermyne has a market capitalisation of about $88 million, and over 106 million shares on its registry.

The post Why the Mastermyne (ASX:MYE) share price is surging 6% higher appeared first on The Motley Fool Australia.

Here's the low down.

Polynovo Ltd (ASX: PNV)

Medical device company in the dermal rengeration market Polynovo Ltd, has had a solid 12 months of share price gains to sit at a 52-week high today at 61c per share, up from 20c per share at this time last year.

The $401 million market cap company develop breast sling, hernia and orthopaedic applications with clinical trials currently underway for a burns product known as NovoSorb.

Somewhat of a quiet achiever, Polynovo has been steadily making gains in the last year in particular, with a CEO presentation late last year detailing its strategies for expansion through the US, South Africa and Israel.

Polynovo completed a $7 million capital raising via private placement in October 2017, with a further $16 million raised via a share purchase plan to expand its sales and support infrastructure to underpin its global growth strategy.

Biotech companies can be a bit hit and miss, but Polynovo seems to have a solid plan in place to grow its operations while testing and patenting its new technologies.

Sealink Travel Group Ltd (ASX: SLK)

Diversified tourism and transport company Sealink Travel Group shares have rocked up to a 52-week high this week, closing off May 24 at $4.41 before dropping back 2.2% to $4.36 in morning trade today.

Sealink operates under the brands SeaLink and Captain Cook Cruises with packaged holiday offerings, tours and freight operations.

Sealink shares zoomed up from $3.81 on May 22 to $4.20 on May 23 after the company confirmed it had received an unsolicited proposal from a party interested in acquiring 100% of its SeaLink business for $4.75 per share.

Sealink rejected the proposal on the grounds it would not benefit shareholders.

Sealink recently completed its own acquisition of Fraser Island's Kingfisher Bay Resort Group back in March – a $43 million transaction to take over full operations of the resort from Cosmos Australia Pty Ltd.

Sealink Managing Director Jeff Ellison said the acquisition would give Sealink market share of 90% of accommodation rooms available on Fraser Island.

It is clear the $451 million market cap company has caught the attention of at least one buyer interested in part of its operations, but the company seems determined to continue its planned expansions on its own.

One to watch.

Mastermyne Group Limited (ASX: MYE)

Shares in mining services provider Mastermyne Group have dropped back 3% at the time of writing to $1.10 after hitting a 52-week high on May 24 when its share price shot up to $1.14.

Mastermyne is a $115 million market cap company providing mining services to the Australian coal mining industry through two divisions – Mastermyne and Mastertec.

The emerging player has seen a notable share price surge since this time last year, with today's price of $1.10 up from just 30c per share at this time last year.

Its half-year results released in February revealed revenue increase of 60% to $91 million, with EBITDA up by 344% to $6.7 million and a net profit of $1.8 million.

Mastermyne is working on the premise that a strong outlook for coal will drive its continued growth, with forecast earnings expected to be higher than forecasts for FY18.

A unique company in a competitive space – one to keep an eye on.

The post 3 disruptive small caps finishing the trading week at 52-week highs appeared first on The Motley Fool Australia.

Three that caught my eye are listed below, here's why they are on a high:

The Hansen Technologies Limited (ASX: HSN) share price reached a 52-week high of $4.60 on Thursday. The billing software company's shares have been on a strong run since the release of its half-year results in February. Hansen reported an impressive 36% increase in operating revenue to $118.4 million and a 47% increase in net profit after tax and amortisation to $22.7 million. The acquisition of Enoro, a Nordic-based provider of customer information systems and data management systems, played a key role in the strong performance. I think Hansen is looking about fair value now, but could still be a good option for buy and hold investors.

The Mastermyne Group Limited (ASX: MYE) share price rocketed to a new high of $1.14 today despite there being no news out of the mining services company for almost three months. But as the company works within the coal industry and coal prices are red hot at the moment, investors appear to believe Mastermyne's services will be in demand. In February management stated that it expects to achieve the higher end of its FY 2018 revenue guidance of $180 million to $200 million.

The Sealink Travel Group Ltd (ASX: SLK) share price continued to climb higher on Thursday and reached a new 52-week high of $4.46. Investors have been fighting to get hold of the travel company's shares after it confirmed that it received an unsolicited $4.75 cash per share takeover offer from an undisclosed company. The approach was rejected but it appears that some investors expect the suitor to return with a better offer.

The post These 3 ASX shares just zoomed to 52-week highs appeared first on The Motley Fool Australia.