Macmahon Extends Contract For Martabe Gold Project

Macmahon Holdings Limited (ASX: MAH) has extended its contract with PT Agincourt Resources (PTAR) for the Martabe gold project in North Sumatra, Indonesia. The new contract begins on April 1, 2023, for seven years, with the option to extend for an additional two years. The company expects to generate revenue of AU$350 million in the first seven years of the new contract. Macmahon has been working with PTAR on the Martabe mine site since 2016 and has seen its workforce on the site grow to over 600 people.

The company will be responsible for open cut mining activities such as drilling, loading, hauling, and mine site development. The successful extension, along with other contract awards in FY23, has a total value of around AU$2.5 billion, exceeding Macmahon’s FY23 order book run-off. As a result, the company is better positioned to pursue low capital intensity opportunities.

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