Press releases

MDM operating update

MDM's Project Status Update

16 February 2010

Further to the announcement made by MDM on 9 February 2010, the Company has analysed further the status of Phase 2 of the First Uranium Corporation Limited (“First Uranium”) Gold and Uranium Project in Stilfontein, South Africa (the “Project”) and the possible financial impact on MDM.

The Group estimates that its own involvement in the Project has approximately 4 months of work outstanding and that it was approximately 70% complete at the time of the suspension. The directors of MDM (“the Directors”) consider that the prospect of a suspension of the Project continuing for a period that would not enable the completion of the Group’s outstanding work within its financial year ending 31 March 2011 is remote. The Directors have made no revision to their internal estimates of income or profit for the year ending 31 March 2011. 

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 20 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.

Enquiries:

MDM Engineering Group Limited

Grant Lowman (Chief Executive)
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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