MACA Limited (Mining and Civil Australia)
MACA Limited (Mining and Civil Australia)
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Mining, contracting and civil contractor MACA has clinched a $A700M, 10-year LoM contract with Wealth Mining-owned Carabella Resources P/L for the Bluff Coal Project near Blackwater in the Bowen Basin in Queensland, Australia.
The contract, which includes all open pit mining activities -- planning, procurement, management/supervision, load/haul, drill/blast and water management -- brings MACA’s current work-in-hand to $1.98B.
Widespread rains impacting all its West Australian projects and one-off issues with repayment arrangements and extended contract terms have offset new contract wins for contractor MACA, cutting attributable NPAT for the year to end-June to $A23.6M (H1FY17: $32.1M) despite revenue increasing to $562.6M ($497.9M).
EBITDA also fell to $78.8M ($99.2M). Operating cash flow slid to $8.7M ($68.1M).
Net cash held up at $63.3M ($64.2M) and contracted work in hand improved to $1.3B ($1.1B). MACA expects FY19 revenue to reach $620M.
Beadell Resources has reduced FY2018 gold production guidance by 13% as it juggles the disruptions of a change of mining and project management operators and delays in completing a plant upgrade at its Tucano gold mine in Brazil.
Mining, contracting and civil contractor MACA will have up to another decade on site at the Duketon South operations near Laverton in Western Australia with the award of a contract extension by Regis Resources.
The 5+5 year extension covers openpit mining, drilling and blasting, loading and haulage at Duketon South's Rosemont, Garden Well, Erlistoun, Baneygo, Toohey’s Well minesites plus future satellite projects.
Latest contract wins for Australian contractor MACA have lifted FY2019 work-in-hand to $A1.05B.
The new contract wins/variations include a $12M variation to the bulk earthworks contract with the Gruyere Gold J/V through to Oct 2018, evaporating ponds construction for Western Areas’ Cosmos Nickel Project worth $5M-$6M and a $6M secondary mill upgrade contract from Anglo Gold Ashanti at the Tropicana Gold Project, all in Western Australia.
Brazil-focused gold miner Beadell Resources has terminated its open pit mining contract with contractor MACA at its Tucano Gold Mine in N Brazil, with terms agreed for the payment of $A61M owed to the fellow Western Australia-based company by June 30, 2022.
Contractor MACA is owed $61M after Beadell Resources terminated its mining contract for the declining production Tucano Gold Mine in Brazil 17-months ahead of expiry. By Mark Mentiplay
More success for Australian-based contractor MACA with the award of a BHP contract for crushing and screening services of up to 12Mtpa lump and fines at Mining Area C iron ore project commencing about Oct 2018.
The contract term is for 3 years plus 2 1-year options.
MACA, which will utilise new and existing crushing equipment, says the new contract and additional minor works for BHP in the Pilbara would generate revenues of up to $A27.5Mpa.
Panoramic is moving closer to a restart of its Savannah nickel mine in Western Australia with the award of a structural mechanical and piping refurbishment and maintenance services contract to mining and civil contractor MACA.
The contractor has a small workforce on site already, with numbers to peak in June on a schedule of rates agreement expected to generate $A5-10M.
Australian contractor MACA’s attributable net profit after tax has plunged 28% to $A12M in the Dec 2017 half (H1 18) from H1 17, primarily due to a one-off $6.5M loss from underperforming contracts by its mining equipment supply arm Interquip.
However, the result wasn’t quite as bad as the foreshadowed 33% fall, with revenue up 18% to $285M, but EBITDA sliding 28% to $37.8M and down on revised expectations of $39M-$41M, with pre-tax profit down 44% to $14M.