Emeco Holdings Limited
Emeco Holdings Limited
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West Australian nickel miner Mincor Resources has advanced planning for the return to full-scale production at its Kambalda operations with agreement on a renegotiated mining contract with underground mining contractor Pit ‘n’ Portal.
Mincor says the renegotiated contract takes into account its expanded Northern Operations mining plan, incorporating the 12,500t Ni initial ore reserve announced last month for the Golden Mile deposit, and updated market-competitive pricing.
Significant growth with new projects and ramp-ups for its Pit N Portal mining services business has helped Australian equipment supplier Emeco post a 22% increase in revenue to $A754.4M for the year to end-June, from $620.5M a year earlier.
CEO-MD Ian Testrow says COVID disruptions, labour shortages, inflation and weather events were overcome with operating EBITDA of $250.2M (FY21: $237.7M), just meeting its $250-260M guidance, and NPAT of $68.9M ($56.8M).
Australian mining equipment supplier Emeco has overcome the significant weather impacts that reduced customer activity and fleet utilisation in the Eastern States to post Dec half-year (H1FY22) operating EBITDA of $A122M, up from $117.9M a year earlier and within its $120-125M guidance.
With its Western Region rentals still performing well despite COVID-influenced tightening of labour markets, Emeco is targeting FY22 earnings of $250-260M.
Taking advantage of softer coal markets in Eastern Australia to rebalance its hire fleet and significant growth in its Pit N Portal mining services business have helped equipment supplier Emeco sustain strong profitability in the year to end-June (FY21).
Despite the challenges of COVID-19 and lower coal prices, Emeco lifted operating revenue to $A620M (FY20: $540M). Operating EBITDA was $238M ($254M) and NPAT $57M ($61M).
One-off costs relating to financing issues have seen Australian equipment supplier Emeco slash its Dec half-year (H1FY21) net profit despite strong growth in operational performance in the face of COVID-19 disruptions and lower rentals in its Eastern Region reflecting the weakness of the coal sector.
Emeco’s first half revenue grew to $A298.6M (H1FY20: $246.5M), delivering EBITDA of $117.9M ($122.2M) and operating cash-flow before financing costs of $125.5M ($100.8M).
Mining equipment and services company Pit N Portal is breaking new ground with the award of the mining services contract for the Great Western openpit satellite operation at Red 5’s Darlot mining hub in Western Australia’s Eastern Goldfields.
It is the first openpit task for the long-established WA company, hitherto focused on hard rock underground work.
Australian nickel specialist Mincor Resources is promising an exciting ride for Western Australia’s renowned Kambalda nickel province following board approval to end a five-year shutdown and redevelopment of its Kambalda Nickel Operations.
West Australian miner Mincor Resources has given the go-ahead for the $A68M redevelopment of its 100%-owned Kambalda Nickel Operations in the state’s renowned nickel district, aiming for first nickel-in-concentrate production for late in the March 2022 quarter.
Mincor has directed underground mining contractor Pit N Portal to commence mobilisation within 60 days to start full-scale construction and development in the Dec qtr.
Strong growth in the Australian iron ore and gold mining sectors alongside its mainstay of coal production have enabled equipment supplier Emeco lift operating NPAT to $A87.5M in the June year (FY20), from $63.1M a year earlier.
The combination of extensive local experience and the resources of a new national owner has proved crucial in Mincor Resources’ decision to award the underground mining contract for its Kambalda nickel project to Emeco unit Pit N Portal.