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Kalgoorlie Miner
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10 August 07
DEMAND for rooms in Kambalda will be alleviated with the sale and impending development of the caravan park, following a $10 million investment by a mining services company.
The MAC Services Group purchased Kambalda Caravan Park and will develop the site into a 400 person village.
The expansion of the Queensland-based company was foreshadowed in its prospectus. The company publicly-listed on April 12 with an IPO share price of $1.50.
At midday yesterday MSL shares were $2.45.
The MAC secretary Stephen Law said the first stage of expansion would be completed by April 2008.
"The business that has been purchased currently operates as the Kambalda Caravan Park with a total freehold landholding of 11.25 hectares," he said. "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 ensuite rooms as well as the continuation of the existing 20 fully serviced caravan park suites."
Sites in the park are currently used by mining companies and contractors operating throughout the gold and nickel belt.
"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," Mr Law said.
"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."
Current operator Fred Matthews had a stake in the park for 26 years, acquiring 100 per cent ownership two and a half years ago.
He will remain manager and said he was "very happy" with the sale.
"Two and a half years ago Kambalda was coming out of a very doldrum period because Western Mining had closed up and gone," Mr Matthews said.
"Now it's all turned around."