Multinational engineering and construction group Murray & Roberts (M&R) says it has made meaningful progress in reducing its debt with its consortium of South African banks. Following on from the sale, in April, of its 50% shareholding in the Bombela Concession Company, which resulted in the halving of its debt to about R1-billion, the company has further reduced its debt to R770-million as a result of an agreement of new commercial terms on one of M&R’s largest mining projects in South Africa and the sale of a non-strategic investment in Aarden Solar.