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MDM Engineering floats

Created:
12 May 2008
Updated:
17 July 2008
Written by:
Martin Li

MDM Engineering, an Africa-focused mining services group specialising in gold, uranium and base metals, has raised £5m and floated on the Alternative Investment Market.

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Formed from the liquidated assets and key staff of MDM Ferroman, new management has converted the business from a fixed-price to a cost-plus model to counter rampant cost inflation in the mining industry, particularly in Africa, where underlying inflation is already high. The group has an order book of $400m (£205m) and has instigated incentive schemes to attract and retain skilled manpower, the shortage of which has also been a pressing issue in the sector.

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GoodValue

The group aims to satisfy unmet engineering demands in the booming African mining sector, and its cost-plus business model provides insulation from rapidly-rising input costs, making MDM one to watch, and the shares good value.

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