Macmahon Holdings Limited has been selected as the contractor for the Awak Mas gold project in South Sulawesi, Indonesia. This contract, valued at US$463 million , represents a significant boost to mining operations in the region and reinforces Macmahon’s position as a leader in mining services.
Contract details
The agreement, signed with PT Masmindo Dwi Area, a subsidiary of PT Indika Energy, covers open-pit mining activities, such as drilling, loading, transportation and development of the mine site. Through the statement , the company reports that this contract has an initial duration of seven years, with the possibility of extending it for an additional five years and operations are expected to begin in the first half of 2025.
Macmahon plans to deploy machinery from its existing fleet, minimizing upfront costs and utilizing $17 million in growth capital over the first four years. This strategy does not impact the company’s 2025 financial projections, which include total capital expenditure of $230 million .
The importance of the Awak Mas gold project
The Awak Mas project reinforces Indonesia’s role as a key player in global gold mining, while Macmahon expands its presence in Southeast Asia. Michael Finnegan, CEO of Macmahon, said:
This project strengthens our existing relationships and adds significant value to our insured portfolio.
With the development of this project, Macmahon contributes to Indonesia’s economic growth and demonstrates its ability to manage complex and sustainable mining projects. The company continues to position itself as a reliable partner for the global mining sector .
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Source: Macmahon Holdings Limited via LinkedIn
Photo: shutterstock
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