South African contractor Murray & Roberts’ Australian retreat is gathering steam, with the group seeking offers for its Perth-based underground mining services group RUC Cementation Mining Contractors.
The services group’s shares tumbled 24 per cent after it said profits had been overstated by up to $40 million. It also slashed its full-year earnings guidance, blaming weather disruption and supply chain costs.
The costs of building the $6 billion Snowy 2.0 hydropower project are expected to soar further after contractor Clough collapsed, with its administrators scrambling to raise money to continue energy and infrastructure projects around Australia.