03/11/2014 - 10:03

MACA wins $48m in deals

03/11/2014 - 10:03

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Mining and civil engineering firm MACA announced today that it had won $47.9 million worth of project contracts from Main Roads WA and mining giant Rio Tinto in the past three months.

MACA wins $48m in deals
MACA managing director Chris Tuckwell.

Mining and civil engineering firm MACA announced today that it had won $47.9 million worth of project contracts from Main Roads WA and mining giant Rio Tinto in the past three months.

MACA said it had been selected by Main Roads WA to widen the shoulders on Marble Bar Road in Nullagine and reseal the North West Coastal Highway between Manilya and Mia Mia for $34.9 million.

The work on Marble Bar Road will begin in November and take eight months to finish, while the North West Coastal Highway work will begin in December and take 10 months to complete.

Under a joint venture with indigenous contracting business GLH, MACA has also been awarded a $13 million contract by Rio Tinto to build an access road between its Brockman 2 and Brockman 4 iron ore mines in the Pilbara, located 60 kilometres west of Tom Price.

MACA said work had begun in August and would take six months to complete.

MACA managing director Chris Tuckwell said the contracts would increase the company’s work-in-hand position by $43 million for the 2015 financial year.

The company recently received a letter of intent to provide mining services to Beadell Resources’ Tucano gold project in Brazil, with the value of the deal yet to be finalised.

Last year, MACA won a $42 million deal to complete upgrades for the Goldfields Highway and Wubin-Mullewa roads.

MACA’s share price took a hit in September after it announced a $58.5 million capital raising, which was made to institutional investor clients of Perth stockbroking firm Hartleys for $1.95 per share.

At the time, MACA’s share price was hovering around $2.19 per share.

However, it tumbled on the ASX shortly afterwards, falling to an all-time low of $1.18, and has struggled to recover since.

MACA’s share price was 0.5 per cent higher at $1.31 per share at 10am. 

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