Press releases

MDM project pipeline shift

MDM project pipeline shift

6 July 2010

MDM Engineering Group Limited (“MDM” or the “Company”) announces that it has experienced a shift in its expected project pipeline from the current year back towards the year to 31 March 2012.  This has occurred principally due to delays to certain projects which management had expected to commence during the earlier part of this year, rather than to a decrease in overall expected project activity.

As a result, the Company expects that a significant proportion of its expected revenue for the current financial year will be deferred to the following year, and consequently it is believed that earnings for the year to 31 March 2011 will be materially below current market expectations.

However, with markets gradually improving and sustained interest for MDM’s services, a healthy pipeline continues to be developed and the Company expects study, feasibility and execution project flow to pick up in the second half of the 2011 financial year.

MDM will announce its results and level of dividend for the year to 31 March 2010 on 14 July 2010, with underlying earnings expected to be broadly in line with market expectations. The Company will provide further information with regard to the outlook for the 2011 and 2012 financial years in this announcement.

Key Information:

MDM Engineering Group Limited is a minerals process and project management company focused on the mining industry. The Company provides a wide range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning. To date, the Company's clients have largely been junior and mid-tier mining corporations with operations in Africa.

In May 2008, the Company successfully listed on the AIM market of the London Stock Exchange. The MDM Engineering core technical team has a 22 year track record of completing a wide range of studies and execution projects across a variety of minerals, including precious metals, base metals, ferrous and non-ferrous metals, uranium and diamonds.

The Company has adopted an approach to project execution based on an open-book Engineering, Procurement, Construction Management ("EPCM" or ";cost-plus") basis. With a core focus on Africa, MDM Engineering is setting the benchmark standard for best practice in the mining services industry through its commitment to providing the highest quality services and actively engaging with clients to ensure maximum transparency.


MDM Engineering Group Limited

Martin Smith (CEO)
Tel: +27 (0) 11 993 4300

George Bennett (Executive Director)
Tel: +27 (0) 11 993 4300

Dominique de la Roche (Finance Director)
Tel: +27 (0) 11 993 4300

Numis Securities Limited

John Harrison (Nominated Adviser)
Tel: +44 (0) 207 260 1000

James Black (Corporate Broker)
Tel: +44 (0) 207 260 1000


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