Macmahon shares jump after contract news
SHARES in Macmahon Holdings received a much-needed boost on news it had won its biggest mining services contract with Fortescue Metals Group.
Macmahon sealed a $1.8 billion contract to supply services Fortescue needs to expand its Christmas Creek iron ore mine in Western Australia's Pilbara region.
The deal cements Macmahon's plan to concentrate on mining contract services after it agreed a $20 million deal to sell its construction arm to Leighton Holdings last month.
Shares in Macmahon soared by 16 per cent early on and finished Tuesday up 1.5¢, or 5.9 per cent, at 27¢.
The contract miner has hired 600 workers for the project.