MBC has had an outstanding history since 1921, and has gone through a lot of transformations with an enviable record of being the first company to be contracted to the then Ashanti Goldfields Corporation for underground development works.

MBC came into being as a result of the hard work of Antonio Marinoni, an Italian and a supervisor with the former Ashanti Goldfields Corporation (AGC). When the gold ore body got exhausted, Antonio Marinoni used his own resources to sink the shaft to the fifth level and succeeded in getting gold ore.  Eaton Tunner, the General Manager of the then AGC in collaboration with the top management rewarded Antonio Marinoni for his remarkable achievement with the underground development contract and civil engineering works. This resulted in the formation of Marinoni Brothers Contracts (MBC).

In the 1940s, MBC was registered as A&U Mining Limited (Antonio and Ugo Mining Limited) due to organizational restructuring. Following the seizure of A&U Mining License of operation by the Government in the 1960s, Paul Atsonglo who was then the Accountant of the company assisted Antonio Marinoni in the court cases that ensued and succeeded in re-gaining its license with all status to operate as before. This led to a partnership between Antonio Marinoni and Paul Atsonglo. The company was renamed Mining and Building Contractors Limited (MBC). At its inception, Antonio Maronini became the Managing Director of the company with Paul Atsonglo as a Director. Following the departure of Mr. Marinoni to his country due to ill-health, Paul Atsonglo appointed Giacomo Balduzzi as the Managing Director and maintained his position as the Director.