Macma­hon’s $23m loss

North West Telegraph - - Telegraph News - Peter Wil­liams

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.

Michael Fin­negan

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