Macmahon scopes out pipeline of copper, gold opportunities

The company delivered a 25 per cent growth in revenue in the 2020 financial year driven by increased mining activity across the company’s copper and gold projects across Australia and Indonesia.

This included a successful ramp up at the Tropicana Boston Shaker project near Kalgoorlie in Western Australia, where Macmahon rolled out an autonomous drill fleet during August.

Macmahon has a 250-strong workforce at the site, which is operated as a joint venture between AngloGold Ashanti, the 70 per cent owner and manager, and IGO, which holds the remaining 30 per cent.

This put Macmahon up by $1.38 billion in revenue compared with the prior year.

The company confirmed that it has experienced “minimal net impact” on the business from COVID-19 but would remain on alert.

“It is very pleasing to achieve these results given the additional challenges and uncertainty generated by COVID-19. However, we are not taking our fortunate position for granted and continue to take precautionary measures across our business to protect our workforce,” Macmahon chief executive and managing director Michael Finnegan said.

“Notwithstanding the current macro-economic environment, the business continues to perform well. We have a positive outlook and our 2021 financial year guidance is supported by over $1.2 billion of contracted work (and) an extensive tender pipeline of over $7.5 billion.

“Going forward we remain focussed on the safe and profitable delivery of our contracted work in hand, successfully converting additional tender pipeline opportunities and continued expansion of our service offering across the mining value chain.”