MacMahon loses Christmas Creek

MacMahon has abruptly lost its biggest contract totalling $780m of revenue.

MacMahon was supposed to generate $1.2bn in revenue over a five-year period from work on Fortescue Metals' Christmas Creek iron ore mine. It was the contractor’s single largest project and a key lynchpin in our investment case when we included MacMahon in our mining services mini portfolio (see Is it time to buy mining services? Part 3).

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