Macmahon Holdings Limited
(ASX:MAH) says it has reached a settlement with Cobar Management Pty Ltd, bolstered its restructure program and provided an update on Olympic Dam.
The mining contractor says the CSA settlement related to the termination of its shaft sinking contract at the CSA Mine in New South Wales in 2013.
The company’s won $19 million from the settlement which it plans to put towards repaying debt, boosting its financial restructuring program and helping to reshape the group.
The company has also advised that underground development services it provides at BHP Billiton Limited’s
(ASX:BHP) Olympic Dam mine will be completed by the end of September.
Macmahon Holdings swung to a loss of $112.5 million in the first half of the 2015 financial year.
