Macmahon partnership secures accommodation and delivery capability for Project Velocity.
Allcap Securities, majority owner of Inter-Port Global Consolidated Holdings, has entered a major new strategic partnership with Macmahon Holdings Limited (ASX: MAH) — taking an initial interest in the Homeground workforce accommodation village at Gladstone and establishing a co-operation framework for civil contracting and workforce accommodation across Project Velocity.
Under the Homeground Sale Agreement, Macmahon has agreed to sell up to a 50 per cent interest in the 1,392-room Homeground workforce accommodation village in Gladstone, Queensland to Allcap, based on the asset's $52 million book value. The initial transaction comprises the sale of a 20 per cent interest, with Allcap holding an option to acquire a further 30 per cent interest by December 2029. Macmahon retains an 80 per cent interest following completion of the initial sale.
Alongside the sale, Macmahon and Allcap have entered a strategic Co-operation Agreement establishing a framework to collaborate on workforce accommodation, civil contracting and infrastructure opportunities associated with IPG's proposed development activities in Gladstone and Central Queensland. Macmahon will, where permissible, be included on preferred panels for civil contracting and infrastructure opportunities across the programme, and Allcap will make reasonable endeavours to direct accommodation requirements controlled by Allcap parties for relevant projects within a 70-kilometre radius of Gladstone to the Homeground village.
What it means for Project Velocity
Project Velocity — IPG's approximately $20 billion proposed integrated freight, logistics and infrastructure development programme centred on Gladstone — will generate significant construction and operational workforce requirements across the region. With 1,392 existing rooms, Homeground is well positioned to support the construction and operational workforces associated with development across the Gladstone region, while the Co-operation Agreement connects the programme's delivery pipeline to one of Australia's most experienced civil and mining contractors.
“We see this as a win-win — creating new opportunities for Macmahon and our shareholders while supporting significant investment, employment and economic activity in Gladstone and Central Queensland.”
The announcement to the ASX by Macmahon (ASX: MAH) is available at https://www.asx.com.au/markets/company/MAH.
About Interport Global
Interport Global (Inter-Port Global Consolidated Holdings Pty Ltd) is developing Project Velocity — a privately financed, rail-first port and logistics platform linking Central Queensland to Southeast Asia. The programme spans a container terminal at Gladstone, the 2,700-hectare Calliope Inland Port, new energy and industrial infrastructure, and the only direct liner service between Australia and Indonesia.
About Macmahon
Macmahon is an ASX listed company offering the complete package of mining and civil infrastructure services throughout Australasia and Southeast Asia. Macmahon's extensive experience in surface mining, underground mining and civil infrastructure has established the Company as the contractor of choice for resources, non-resources, public infrastructure and renewables projects across a range of locations and sectors.
Media contact
Media enquiries — INFO@INTERPORT.GLOBAL