Macmahon finalises contract with Silver Lake Resources
Friday, April 3rd, 2020
Macmahon Holdings’ GBF Underground Mining business has signed off on its contract with Silver Lake Resources to provide additional work at the Mount Monger gold mine in Western Australia.
GBF’s tenure at Mount Monger will be extended to March 2023, adding $200 million to its order book.
Silver Lake has already had several years of successful gold production at Mount Monger.
Macmahon has entered the coronavirus pandemic with a strong balance sheet of $155 million at December 31 2019.
The company stated it is “well positioned to work through this challenging period.”
The coronavirus has not impacted Macmahon’s overall financial performance, with the company set to keep its financial year guidance the same.
However, the company will adopt a “cautious approach” to its expenditure.
This is expected to result in delayed capital expenditure, with the company prioritising cash preservation measures to protect itself amid the growing effects of the coronavirus.
Macmahon is continuing to implement a number of health and safety measures to its people to prevent the risk of spreading the virus as well.https://www.australianmining.com.au/news/macmahon-finalises-contract-with-silver-lake-resources/