Macmahon’s $23m loss
Mining contractor Macmahon Holdings says it spent $3.4 million defending a takeover attempt by CIMIC.
Michael Finnegan-led Macmahon said those costs, an expensive withdrawal from Nigeria and a troubled contract at Newcrest’s Telfer gold mine in the Pilbara contributed to a $23 million annual net loss.
Revenue for fiscal 2017 rose 15 per cent to $360 million.
Spanish-owned CIMIC sold out of Macmahon last month after failing to win sufficient acceptances from shareholders.
Macmahon’s board had fought back through a deal with Amman Mineral Nusa Tenggara which completed this month, giving the Indonesian miner a controlling stake in the contractor in exchange for a life-of-mine contract and equipment.