At a general meeting held in Perth on June 9, Macmahon shareholders voted overwhelmingly in favor of a proposed transaction with Indonesian-based mining company PT Amman Mineral Nusa Tenggara (AMNT). The AMNT transaction will see Macmahon awarded a life-of-mine, alliance style contract to provide earthmoving and mining services at AMNT’s Batu Hijau copper-gold mine in Indonesia. Macmahon will acquire existing mobile mining equipment from AMNT and will, in return, issue new shares to a subsidiary of AMNT.
“The Macmahon Board is very pleased with today’s result,” said Chairman Jim Walker. “Maximizing value for all shareholders is of utmost importance to us and we firmly believe this transaction is a compelling opportunity for Macmahon and its shareholders.”
“We are extremely grateful for the support and encouragement provided by our existing clients,” said Macmahon CEO Michael Finnegan. “We remain absolutely committed to delivering on our promise wherever we are operating, and look forward to building on these excellent working relationships.”
The completion of the AMNT Transaction remains subject to the satisfaction of two remaining conditions precedent. Macmahon expects these conditions precedent to be satisfied shortly and for the AMNT Transaction to complete before the end of July.