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Mining Monthly
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08 August 07
Directors are pleased to advise that, as foreshadowed in our IPO Prospectus, The MAC has completed the acquisition of an accommodation village site in Western Australia. This is the first operation The MAC has established outside of Queensland.
The business that has been purchased currently operates as the Kambalda Caravan Park with a total freehold landholding of 11.25 hectares. Approximately two-thirds of the site is undeveloped and an application has been submitted to the Shire of Coolgardie for the installation of the first stage of its redevelopment comprising in excess of 200 en-suited rooms, as well as the continuation of the existing 50 fully-serviced caravan park sites.
Our research of the Kambalda area has revealed an unsatisfied demand for rooms available to be utilised by mining contractors and other service groups which provide support to the local mining industry.
Discussions with potential clients have indicated that there is significant support for The MAC’s business model, particularly as the construction standards and amenities provided will create a new benchmark for accommodation services in the region.
The projected cost for the acquisition and implementation of the first stage will involve an investment of approximately $10m, and we expect this to be completed during the first quarter of 2008.
For more information please contact
Rachel Maloney Corporate Relations Manager
Ph: 612 8346 9200 Fax: 61 9697 0162
Email: