MACA (ASX:MLD) - Managing Director & CEO, Mike Sutton
Managing Director & CEO, Mike Sutton
Source: Business News
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  • MACA (MLD) has been awarded a letter of intent (LOI) for mining services at The Karlawinda Gold Project from Capricorn Metals (CMM)
  • With an initial five-year term and an option to extend at Capricorn’s election, the contract is valued at over $400 million
  • Under the contract, MACA will provide open pit mining services and move around 11 million bank cubic metres of ore and waste per year
  • All up, MACA’s pipeline of contracts is now valued at $2.7 billion.
  • MACA share are 8.17 per cent in the green this afternoon, trading for $1.13 at 3:58 pm AEST

MACA (MLD) has been awarded a letter of intent (LOI) for mining services at The Karlawinda Gold Project from Capricorn Metals (CMM)

The Western Australian project is located 65 kilometres southeast of Newman in the Pilbara region

With an initial five-year term and an option to extend at Capricorn’s election, the contract is valued at over $400 million.

Under the contract, MACA will provide open pit mining services including drilling & blasting and loading & hauling. The company will move around 11 million bank cubic metres of ore and waste per year.

Ancillary works are expected to commence in December and open-pit mining will follow soon after in the March 2021 quarter.

All up, MACA’s pipeline of contracts is now valued at $2.7 billion.

Capricorn awarded the project to MACA because of its comparable gold projects in WA, as well as its price competitiveness.

MACA CEO Mike Sutton noted the strong relationship between Capricorn and the company and says he looks forward to the partnership.

“The company has a long-standing working relationship with the Management Team of Capricorn and look forward to partnering with Capricorn to successfully deliver the Karlawinda Gold Project. This mining contract adds further to MACA’s strong Work in Hand position in the gold sector,” he continued.

Capricorn Executive Chairman Mark Clark said the process was competitive and looks forward to the partnership with MACA.

MACA share are 8.17 per cent in the green this afternoon, trading for $1.13 at 3:58 pm AEST.

MLD by the numbers
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