Macmahon Holdings Limited (ASX: MAH) has today provided the following business update:
Senior Management Change
Macmahon regrets to advise that Mr José Martins has resigned from his position as Chief Financial Officer. Mr Martins will be leaving the Company to take up a senior role with a private resources company. Macmahon wishes to express its thanks to José for his contribution and effort during what has been a transformational period.
Mr Martins today said, “Macmahon is now in the best shape it has been in several years, with a strong balance sheet, improved market conditions and a supportive share register, so I think the timing is right for me to move on to pursue other mining development opportunities.”
Mr Martins will continue as Chief Financial Officer for Macmahon until early 2018. An announcement regarding his replacement will be made in due course.
Macmahon – NKE joint venture has been selected by PT Merdeka Copper Gold as the preferred proponent to undertake initial underground mining services at its Tujuh Bukit Porphyry Project in Indonesia.
The initial scope of work will involve the development of a decline tunnel for the main access to the underground deposit. The parties are now in discussions regarding the mining services contract which is expected to have a value in the order of US$9 million. Macmahon will provide a further update to the market in due course.
Financial performance of its mining operations at Telfer is continuing to improve. This result reflects the strong collaboration between Newcrest Mining Limited and Macmahon to increase operational efficiencies. Macmahon expects its Telfer project to report a break-even result for the 2018 financial year.
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