ASX-listed Macmahon Holdings has confirmed another small underground hard-rock mining contract, this one a A$33 million deal in Indonesia, after just announcing a $55 million signing with Black Cat Syndicate in Western Australia.
Macmahon said an initial 32-month mine development contract for PT Archi Indonesia at the Toka Tindung gold mine in North Sulawesi would use mainly existing equipment from its fleet. The contractor’s CEO Michael Finnegan said Toka Tindung was a high-quality asset “with significant growth potential”.
Work is underway at Black Cat’s Majestic mine near Kalgoorlie-Boulder where Macmahon is doing mine development and production for an initial 12-month period.
“We are delighted to be selected as the preferred mining contractor at the Majestic mining centre and look forward to supporting Black Cat Syndicate in their growth plans for the Kal East Gold Operation,” Finnegan said.
Macmahon last week said it was pursuing plus-50% growth in its underground business over the next two years after it contributed 23% of its FY2025 revenue of $2427 million, which was up 20% on the previous year. Underlying EBITDA for FY25 came in at $387.4 million, up 10% year-on-year, with the EBITDA margin at 16%.
Macmahon said it saw $6.1 billion of work in its underground pipeline, with $2.6 billion to be awarded in the next 12 months. Surface mining opportunities constituted a $7.7b pipeline of which $3b was up for grabs in the next year.
Gold mining work accounted for 53% of Macmahon’s FY25 revenue and 92% of it was in Australia.
