Macmahon Named Preferred Contractor for $38m Groundrush Underground Project

The latest announcement is out from Mount Gibson Iron Limited ( (AU:MGX) ).

Macmahon’s underground subsidiary has been selected as the preferred mining contractor for the Groundrush exploration decline project, part of the Central Tanami Project Joint Venture between Tanami Gold NL and MGX Resources in the Northern Territory. The scope covers portal and vent establishment and about 3,500 metres of exploration decline development under a 14‑month contract worth roughly $38 million, with work expected to start in the September 2026 quarter.

Management says the Groundrush award aligns with Macmahon’s strategy to expand its underground mining footprint in Australia and could pave the way for additional production mining work after exploration decline completion and resource definition drilling. The mandate strengthens Macmahon’s presence in the Tanami region and underscores its role as a key service provider to mid-tier resource joint ventures seeking specialist underground development capability.

More about Mount Gibson Iron Limited

Macmahon Holdings Limited is an ASX-listed mining and civil infrastructure contractor operating across Australia and Southeast Asia. The company provides a full suite of services in surface and underground mining as well as civil infrastructure, positioning itself as a contractor of choice for resources, non-resources, public infrastructure and renewables projects. Macmahon emphasises collaborative, transparent client relationships aimed at achieving mutually beneficial outcomes while managing project risks.

YTD Price Performance: -12.09%

Average Trading Volume: 824,773

Technical Sentiment Signal: Hold

Current Market Cap: A$472.2M

For an in-depth examination of MGX stock, go to TipRanks’ Overview page.