Macmahon has received an AU$ 463 million contract for the Awak Mas Gold Project

Macmahon Holdings Limited (ASX: MAH) has been awarded the mining services contract for the Awak Mas gold project in South Sulawesi, Indonesia, by PT Masmindo Dwi Area, a subsidiary of PT Indika Energy. The seven-year contract, with an option to extend for another five years, includes open-cut mining activities such as drilling, loading, hauling, and mine site development. The project is set to begin in the first half of 2025 and will contribute approximately AU$ 463 million to Macmahon's secured order book.

Key mining equipment for the project will be sourced from Macmahon's existing fleet. It will require AU$17 million in growth capital over four years, aligning with the company's annual AU$30 million growth capital target. Macmahon's FY25 capital expenditure budget of AU$ 230 million remains unchanged, with no impact on net debt or underlying earnings guidance of AU$ 160–175 million. CEO Michael Finnegan expressed confidence in strengthening the partnership with PT MDA for long-term success.

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