Mincon sees revenues fall amid mining industry contraction

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Engineering group says two large-scale projects ‘will no longer take place as planned’

Mincon said group revenues continued to slide in the three months to the end of September and currently 7 per cent below the same period last year.

In a trading update on Monday, the Dublin-isted company, which specialises in the design, manufacture, sale and servicing of rock-drilling tools and associated products, also said that two large-scale North American projects will “no longer take place as planned” with one of the construction projects pushed back to 2024.

The decline relates to an ongoing contraction in sales to the mining industry “with a particular weakness in Africa in recent months”, it said. A more competitive mining market also led to a further narrowing of Mincon’s gross margin, which fell to 30.4 per cent in the third quarter from 32 per cent last year.

In August, Mincon said the first half of its financial year had been challenging period for the group “due to reduced exploration activity” and lower mining activity, forcing it to target cost reductions.

 

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