Australian mining services provider NRW boosts order book with $1.1 bln coal contract

Reuters10-22

Oct 22 (Reuters) - Golding Contractors, a unit of Australia's NRW Holdings , will provide mining services at resources firm Stanmore SMC's South Walker Creek $(SWC)$ mine in Queensland for a total of A$1.6 billion ($1.06 billion), sending shares to an over 12-year high.

Contract mining services provider, NRW, saw its stock shoot up as much as 3.2% to A$3.86 on Tuesday, its highest since early May, 2012.

The mining services deal, which is for a five-year term and commences in January 2026, will employ around 650 workers at the mine.

NRW's order book will jump to its highest level of A$7 billion after the deal with coal miner Stanmore Resources'

unit. Shares of Stanmore Resources gained as much as 2.9%.

Under the agreement, NRW will maintain and operate eight fleets of heavy mining equipment to remove overburden and mine steel-making coal consistent with current contractual arrangements.

($1 = 1.5024 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Alan Barona)

((Rishav.Chatterjee@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment