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Moolmans - New contract award
AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or "the Group")
MOOLMANS - NEW CONTRACT AWARD
Further to the information provided in the half-year results announcement of 17 February 2025, Aveng
is pleased to provide further information on the new contract entered into within its Mining segment.
Moolmans has concluded a new 60-month contract valued at R10.6 billion (A$911 million) with Black
Mountain Mining (Pty) Limited's Gamsberg mine, a zinc mine situated in the Northern Cape province of
South Africa ("Black Mountain"). Black Mountain is jointly owned by Vedanta and Exxaro Resources.
Moolmans is a tier-one contract mining business offering specialised services to the open-cast mining
industry. Moolmans operates primarily in South Africa and has extensive experience in the SADC and
West African regions.
This new contract, at significantly higher volumes, follows on from the delivery of an existing mining
contract over the last 7 years. Moolmans have worked with Black Mountain to develop contract
outcomes that meet the client's growth strategy. This has included a dedicated team to manage the
ramp-up plan over the eight months to March 2025, while the operations team focuses on steadily
increasing production to achieve planned contract volumes from 1 April 2025.
Increased production has been achieved by re-deploying equipment from existing operations where
contracts have been concluded, and ensuring the delivery of new equipment to site with the support of
our key OEM suppliers. Equipment has been progressively delivered and commissioned on site and
this will continue over the next three months.
The new contract allows Moolmans to invest in a fleet renewal program that will be executed with the
assistance of OEMs, over the life of the contract, thereby reducing upfront capital expenditure and
allowing Moolmans to extend the life and optimise the value, of existing fleet. The total value of new
capital expenditure over the life of the contract amounts to R1.3 billion (A$111 million) and this will be
funded through project cashflows.
The new contract allows Moolmans to create 342 new jobs in the Northern Cape, bringing its total
complement to 690 people on site. Recruitment processes are well advanced, ensuring that new staff
are trained to meet Moolmans operating and safety standards prior to joining operations. Pleasingly,
this has created the opportunity for previous employees to rejoin the company.
19 February 2025
Boksburg, South Africa
JSE Sponsor
Valeo Capital (Pty) Ltd
Edinah Mandizha
Company Secretary
Tel: 011 779 2800
Email: Edinah.mandizha@avenggroup.com
Executive Directors
SV Cummins (Group Chief Executive Officer) | AH Macartney (Group Finance Director and Chief
Financial Officer)
Non-Executive Directors
PA Hourquebie (Independent Non-executive Chair) | B Modise (Independent Non-executive) | N Bowen
(Independent Non-executive) | SJ Flanagan (Non-executive) | BC Meyer (Independent Non-executive)
| D Noko (Independent Non-executive)
Registered office
Rose Avenue, 2 Merlin Drive, Parkhaven – Boksburg, Gauteng 1459
Forward looking statements
Certain statements in this document are not reported financial results or historical information but forward-looking statements. These include but
not limited to statements about the Group's operations, financial conditions, earnings, and growth prospects. They are based on the best estimates
and information of Aveng at the time of writing. They are nonetheless subject to significant uncertainties and contingencies, many of which are
beyond the control of the Group.
Unanticipated events may occur, and actual future events may differ materially from current expectations due to changes in priorities by the Group,
engagement with clients, suppliers, external auditors and other stakeholders.
Date: 19-02-2025 03:50:00
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