Why Aton may take another look at Murray & Roberts
The planned move into the Zambian copper mining industry provides some hope — but for now liquidity is a problem
Brave punters who scooped up Murray & Roberts shares last year at a low of about 60c have enjoyed multibagger returns as it rallied to a 52-week high of 331c in late August. Since then, however, the share price has more than halved as profit-taking and a weak trading update took its toll.
It’s been a risky investment proposition since the 2022 loss of its Covid-hit Australian engineering and construction business, Clough, which previously provided much of the group’s cash flows. Reduced to a smaller group focused on the underground mining sector in Africa and North America, as well as energy infrastructure in South Africa (OptiPower), it has had to reduce debt and overhead costs while trying to protect the long-term sustainability of the business...
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