Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

UPDATE 1-Downer EDI secures $306.6 mln mining services contract at Gruyere Gold Project

Published 20/12/2017, 09:00 am
© Reuters.  UPDATE 1-Downer EDI secures $306.6 mln mining services contract at Gruyere Gold Project
DOW
-
ADEL
-
GOR
-
GFIJ
-

(Adds Gold Road's comment, details on Adani contract cancellation)

Dec 20 (Reuters) - Downer EDI Ltd DOW.AX , a mining contractor, said on Wednesday it had secured a mining services contract at the Gruyere Gold Project worth about A$400 million($306.56 million).

The project is a joint venture between Gold Road Resources Limited GOR.AX and Gold Fields Limited GFIJ.J , which hold equal stakes.

Downer will build haul roads and other infrastructure, as well as providing services such as the loading and hauling of ore and waste, over a five-year period.

Downer said in a statement it was scheduled to begin construction of infrastructure in early 2018, with mining to start in the fourth quarter of the 2018 calendar year.

In a separate statement, Gold Road said that Downer will have a peak workforce of about 170 personnel working on the project.

On Monday, India's Adani ADEL.NS said on Monday it had canceled plans with Downer to help develop and run its Carmichael coal mine in Australia after it failed to secure a cheap government loan for the A$16.5 billion project. ($1 = 1.3048 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.