In relation to “legacy issues” (as mentioned at AGM), MACA - for whatever reasons - has long been a bit of a “non event” performer in my experience (which is since around 2017?), and one of those three Mining West contracts from Downer was swiped by NRW Holdings, despite MACA sitting in the ‘incumbent’ position … but yes one can only hope
..Here’s an update from the goodly Stuart Mckinnon at The West to hopefully help steer us back into greener pastures by broadening awareness;
A digger loads ore onto a dump truck at Roy Hill. Credit: Philip Gostelow/Bloomberg
MACA has lifted its work in hand to $3 billion after winning a 12-month, $70 million mining contract with Roy Hill in the Pilbara.
The contract is set to begin early next year, involving open pit mining services including load and haul and drill and blast activities.
MACA began civil works at Roy Hill earlier this year.
MACA managing director Mike Sutton said the contract would use existing fleet and further secured the company’s solid presence in the Pilbara.
The company already has contracts in place with BHP, Fortescue Metals Group, Atlas Iron and CITIC Pacific Mining.
Euroz Hartleys senior research analyst Trent Barnett said MACA was trading below net tangible asset backing and on a single digit price-to-earnings ratio in a market short of people and equipment.
He noted the opening of the State’s borders in February should help its margins in the second half.
Euroz Hartleys has a buy recommendation on the stock and a share price target of $1.47.
MACA shares were steady at 77¢ at 10.10am.
