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IGO LIMITED — Capital/Financing Update 2017
Jan 24, 2017
65111_rns_2017-01-24_1f126869-cb54-4b1f-9403-bded389e0f45.pdf
Capital/Financing Update
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25 January 2017
Macmahon secures volume increase at Tropicana
Macmahon Holdings Ltd (ASX:MAH) today announced a significant increase in mining volumes at the Tropicana Gold Mine following finalisation yesterday of its annual project review at the site with client AngloGold Ashanti Australia Ltd.
Tropicana, which is a joint venture between AngloGold Ashanti Australia (70% and manager) and Independence Group NL (30%), is Macmahon’s largest contract.
The increase in volumes will see Macmahon’s revenue from Tropicana increase by approximately 25% (based on a comparison of actual revenues for the calendar year ended 31 December 2016 and the forecast for the year ending 31 December 2017).
The move follows last month’s announcement by AngloGold Ashanti about an improved production outlook at Tropicana, based on higher mining and processing rates along with a 45% increase in the mine’s Ore Reserve estimate.
As outlined by AngloGold Ashanti, gold production at Tropicana is expected to increase to an annualised rate of between 450,000 – 490,000 ounces per annum from the second half of calendar 2017, with further increases anticipated, depending on the outcome of the Long Island Study.
Macmahon Chief Executive Officer, Michael Finnegan, said the potential growth of the Tropicana Gold mine presented an outstanding opportunity for Macmahon.
“Tropicana is a quality asset with enormous potential and I have been extremely impressed with the ongoing performance of the Alliance team on site,” Mr Finnegan said.
“Tropicana is currently our largest and most significant contract and I look forward to working closely with AngloGold Ashanti and Independence Group to support them as they continue to develop this world class resource,” he said.
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For further information, please contact:
Christian Sealey General Manager – Investor Relations & Communications
+61 497 828 300
Macmahon Holdings Ltd ABN 93 007 634 406 15 Hudswell Road, Perth Airport, WA 6105 PO Box 198 Cannington WA 6987 T (08) 9232 1000 F (08) 9232 1001 [email protected] www.macmahon.com.au
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About Macmahon
Macmahon is a leading Australian company providing the complete package of mining services to clients throughout Australia and in New Zealand, South East Asia and Africa.
An ASX listed company, Macmahon’s diverse and comprehensive capabilities provide an end to end service offering to its mining and engineering clients.
Macmahon’s extensive experience in both surface and underground mining has established the Company as the contractor of choice for resources projects across a range of locations and commodity sectors.
With an international footprint, Macmahon’s reputation for outstanding teamwork, integrity and commitment to the environment is underpinned by the Company’s core value – safety.
Visit www.macmahon.com.au for more information.
Macmahon Holdings Ltd ABN 93 007 634 406 15 Hudswell Road, Perth Airport, WA 6105 PO Box 198 Cannington WA 6987 T (08) 9232 1000 F (08) 9232 1001 [email protected] www.macmahon.com.au