MACA Limited (Mining and Civil Australia)
MACA Limited (Mining and Civil Australia)
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275 per year (1-10 users)
(GST included in Australia)
Direct debit/cheque/credit card:
Subscription inquiries, email firstname.lastname@example.org or call 61+413 772 044.
MACA reported a 44% increase in net profit after tax to a record $A32.6M for the December half (H1 FY14) on contract revenue of $304.6M, up 47%.
EBITDA rose 35% to $74.3M.
Interim dividend rose 44% to 6.5cps.
Australian contract mining and earthworks company MACA has continued its rapid growth in the face of a tough market, delivering a 44% profit increase for the December half (H1 FY14).
Regis Resources has suspended mining for up to six weeks at its Garden Well and Rosemont mines due to flooding.
The miner declared force majeure on operations at the two mines, part of its Duketon gold project in the Laverton region of Western Australia, after a storm dumped 165mm of rain on the area in 36 hours.
“Interim operations” are expected to resume in 4-6 weeks, with full production not expected for at least a further two months.
Gold miner Regis Resources has suspended operations for up to six weeks at two of the gold mines that make up its Duketon gold project in the Laverton region of Western Australia after the area was hit by 36 hours of heavy rain.
MACA has been boosted by new mining contracts to a record profit after tax of $A49.5M for the year ended June 2013, up by 31.3% on the previous year.
The result is built on record revenue of $475.9M, 42.1% higher.
Since its IPO in late 2010, the Australian mining and civil contractor has lifted revenue by 217% from $150.1M and NPA by 202% from $16.4M.
The five founding shareholders of Australian mining and civil contractor MACA have agreed to sell 14M shares in the company to help meet institutional demand for the shares and increase liquidity.
The founding shareholders earn $A35M from the sale of the shares at $2.50 per share to large institutional investors, and retain 32% ownership of the company.
The move comes at the same time as MACA placed 22.5M shares at $2.50 to predominantly institutional investors to raise $56.25M.
Western Australian mining and civil contractor MACA is predicting an even stronger second half after lifting net profit by 37% to $A22.6M for the December 2012 half year.
MACA says three large contract wins in the 6 months that helped lift revenue by 47% to $207.5M will make a larger contribution in the second half alongside with new projects scheduled to commence.
Margins will also be lifted by the expected higher utilisation of capital items acquired during the first half. H1 capital expenditure totalled $56.15M.
Australian iron ore junior Atlas Iron has awarded mining and civil contractor MACA major construction, processing and mining services contracts for its Abydos direct shipping ore project in the Pilbara region of Western Australia.
MACA estimates the contracts will generate $A200M revenues over about 36 months.
The Abydos mining services contract comprises civil infrastructure, production drilling, blasting and run-of-mine loading and haul, with prestrip work to commence in December.
Gold miner Regis Resources is set to name MACA as its mining service contractor for the proposed Rosemont mine at its Duketon gold project north of Laverton in Western Australia. The contract is expected to be worth about $A220M over five years.
Regis has issued a letter of intent to MACA, and formal contract award is subject to satisfactory completion of the project’s definitive feasibility study, internal and statutory approvals.
Sinosteel Midwest Corporation has told mining services contractor MACA the start-up of its Blue Hills hematite DSO iron ore project about 160km SE of Geraldton in the Mid West region of Western Australia has been delayed indefinitely due to market conditions.
The start of mining of two openpits at Blue Hills had been scheduled to follow the completion of current operations at Sinosteel Midwest’s Koolanooka hematite DSO mine early in 2013.