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Maca Announces Closure of Brazil Operations and New Contract Awards

21 Jan 2020  |  08:57:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Closure of Brazil Operations and New Contract Awards

Maca advised that it cease operations in Brazil effective January 2020. This follows early termination of the contract at Antas for AVB Mineracao, a subsidiary of Oz Minerals. The contract was due to conclude in 2020 and the reduction in the Work in Hand (WIH) position as a result of the early termination will be $8m. It will retain ownership of the majority of the plant and equipment currently utilised at Antas and will dispose of assets that are not redeployed to other operations. It is expected there will be a non cash impairment related to the cessation of operations in Brazil of $2m. Its Vic based Civil and Infrastructure business has been awarded a $9.5M construction contract by VicRoads for the Bacchus Marsh Road Stage 2A Safety Improvements.

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