MACA Limited (Mining and Civil Australia)
MACA Limited (Mining and Civil Australia)
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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.
Avanco is carrying out extensive remedial work to re-open access to the centre of its Antas open pit that constrained Q4 17 production and its 1st year of commercial prodn, By Mark Mentiplay
Australian miner Blackham Resources has accessed high-grade ore zones, delivered record gold production and achieved a step-change in project economics - and at the same time ended a looming debt crisis. John Feary reports
West Australian mining contractor MACA has come forward with a $A14.3M secured loan facility to enable Blackham Resources to progress its recapitalisation following the collapse in Dec of a major funding package.
The MACA loan has enabled Blackham to repay a $16.1M secured loan with Orion Fund JV and gives it 14 months breathing space before any principal repayment obligations.
Blackham has also launched a $36M entitlements issue at $0.04ps, underwritten by broker Hartleys and with sub-underwriting for up to $13M from Orion, MACA and fellow contractor PYBAR.
Blackham Resources is planning a lower $36M raising following a standstill deal on a $16M loan repayment in the wake of the collapse of a $72M Nov 2017 funding package. By Mark Mentiplay