https://www.engineeringnews.co.za

Macmahon faces trouble in Mongolia

20th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed project house Macmahon Holdings on Wednesday reported it had suspended work at the Tavan Tolgoi coal mine, in Mongolia, owing to a disagreement with the client, Erdenes Tavan Tolgoi (ETT).

Macmahon has been operating at the Tavan Tolgoi mine since 2012, in a contract worth an estimated $500-million.

However, the project house said on Wednesday that some $22-million in progress payments were currently overdue. The company’s contract at the Tavan Tolgoi mine was set to expire in 2017.

Macmahon said on Wednesday that ETT had suspended operations at the coal mine as part of a range of disagreements between the two companies.

The two were now involved in discussions to see whether the matters could be resolved by agreement.

Meanwhile, Macmahon has reported revenues of some $1-billion during the full year ended June. The company also reported a net profit of $30.4-million, with its order book currently standing at $2.6-billion.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:1.732 1.81s - 281pq - 2rq
Subscribe Now