AngloGold Ashanti Issued A Notice Of Award To Macmahon For The Development Of Boston Shaker Underground Mine

  • Mar 28, 2019 AEDT
  • Team Kalkine
AngloGold Ashanti Issued A Notice Of Award To Macmahon For The Development Of Boston Shaker Underground Mine

Mining services provider, Macmahon Holdings Limited (ASX: MAH) has been issued a Notice of Award by AngloGold Ashanti, for the development of the new Boston Shaker underground mine.

AngloGold Ashanti is one of the company’s client at the Tropicana gold mine in Western Australia. The Tropicana project, which is a joint venture between AngloGold Ashanti Ltd and Independence Group NL, is already Macmahon’s largest mining contract in Australia. The company has been operating the surface of Tropicana since 2012.

While commenting on the Boston Shaker Underground Award, Macmahon’s Chief Executive Officer Michael Finnegan told that the management of the company is excited that the company’s long-term alliance partnership with AngloGold Ashanti and Independence Group has grown to also include its new underground development at Tropicana, where the company has been operating the surface mining since 2012. According to him, this is a great project to be associated with and the company is looking forward to working closely with its client to safely and efficiently develop its underground project over many years to come.

He further told that this contract win is a major step towards the company’s strategic goal of growing its underground business and capitalising on the increased level of underground opportunities with existing and potential new clients.

In the first half of FY 2019, Macmahon Holdings reported revenue of $542.2 million up 101% on the previous corresponding period (pcp). The rise in the revenues was mainly due to increased activity at major projects. Further the revenues also include contributions from the Company’s civil business, TMM Group.

Further, the company reported Underlying EBIT of $39.9 million and Underlying EBITDA of $89.1 million in H1FY19. In the half-year period, the Company generated operating cash flow of $34.6 Mn, representing an EBITDA to cash conversion of 38.8 percent.

The company has reaffirmed its FY19 guidance of Significant order book of ~$4.8 billion and Healthy tender pipeline of ~$7 billion. For FY2019, the company is expecting revenue of $0.95 billion - $1.05 billion. In the second half of FY 2019, the company is expecting solid conversion of EBITDA to cash. Further it is expected that as at 30 June 2019, the company’s will have net debt of around $25 - $35 million.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $0.225 with a market capitalisation of ~$484.87 Million as on 28 March 2019. The counter opened the day at $0.225 and reached the day’s high of $0.235 and touched a day’s low of $0.225 with a daily volume of ~1,603,223. The stock has provided a year till date return of 4.65% & also posted returns of -13.46%, 4.65% & -6.25% over the past six months, three & one-month period respectively. It had a 52-week high price of $0.282 and touched 52 weeks low of $0.200, with an average volume of ~2,167,742.


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