Macmahon wins new underground mining contracts with Vault Minerals and Genesis Minerals worth $172 million

Listed Perth contractor Macmahon has won two underground mining contracts which it says will bring in revenue of $172 million. Macmahon told the Australian Securities Exchange on Tuesday a deal with Vault Minerals at the Deflector gold-copper mine in the Murchison would earn it $105m. The company said the contract would begin on Thursday and involved all underground mine development and production services, and all other associated works. Macmahon said as its people and mining fleet were already deployed and operating at Deflector, there would be no significant capital expenditure required beyond sustaining capital expenditure. The company also said it had been confirmed as the mining contractor for Raleigh Finlayson-led Genesis Minerals’ Gwalia and Ulysses gold projects at Leonora. Macmahon said the existing Gwalia contract had been terminated by mutual consent and the companies had entered into a new contract that included the services at both Gwalia and Ulysses. Macmahon said the 13-month contract started this month and was expected to add $67m to its secured order book. The company said there was no significant capital expenditure required for the Genesis work, and its total FY25 capital expenditure budget was unchanged at $230m.