MACA (ASX:MLD) secures $200M contract extension

Company News

by Katrina Bullock

Contracting group MACA (ASX:MLD) has secured a hire and maintenance contract for CITIC Pacific Mining Management at the Cape Preston Sino Iron magnetite project. The project is located in the Pilbara region.

The company expects that the contract, which is set to commence in April, will generate $200 million in revenue over its 36-month term.

MACA CEO Mike Sutton says “the current CPM contract was novated from Downer to MACA, following the acquisition of the Mining West business, and it is pleasing to have now secured this three year extension”.

Shares in MACA (ASX:MLD) are trading 0.7 per cent higher at $1.05.