Total
0
Shares
Source : Austin Engineering
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Austin Engineering (ANG) signs a five-year mining products and service supply contract with Rio Tinto (RIO)
  • The contract is reportedly for the supply of dump bodies, lightweight trays for ore trucks, heavy machinery buckets, water bodies and other fabricated products
  • Austin estimates the value of services under the contract over its life could be around $300 million
  • The company has supplied Rio Tinto iron ore operations with its services for over 33 years
  • Shares have been up 11.5 per cent trading at 21.8 cents

Austin Engineering (ANG) has signed a five-year mining products and services supply contract with Rio Tinto (RIO).

The contract is reportedly for the supply of dump bodies, lightweight trays for ore trucks, heavy machinery buckets, water bodies and other fabricated products.

Additionally the contract covers the provision of offsite repairs and other associated services with supply from all of the company’s major global facilities including those in Australia, Indonesia and the Americas.

Austin estimates the value of services under the contract over its life could be around $300 million. The contract includes pre-agreed pricing for mining buckets and haul trays matching Rio Tinto’s global fleet reportedly enabling rapid purchasing and order fulfillment.

The company has supplied Rio Tinto iron ore operations with its heavy consumable equipment, offsite repairs and other equipment for 33 years.

Austin CEO and Managing Director, David Singleton believes shareholders will appreciate the importance of the contract.

“It provides strong, long-term support for our business through the mining cycles from one of the world’s leading miners”.

Shares were trading up 11.5 per cent at 21.8 cents at 3:21 pm AEDT

ANG by the numbers
More From The Market Herald
Siren Gold (ASX:SNG) - Chairman, Brian Rodan

" Siren Gold (ASX:SNG) to begin scoping study at NZ gold projects

Siren Gold (ASX:SNG) will undertake a scoping study for underground development at its Big River and…

" Mad Paws (ASX:MPA) reports 199pc growth December-quarter revenue

Pet services marketplace Mad Paws (ASX:MPA) has reported operating revenue for the December quarter of $2…

" Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project

Vanadium Resources (A:VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium…

" Stanmore (ASX:SMR) awards EPSA Pacific $564m open-cut mining contract

Stanmore Resources (ASX:SMR) has awarded EPSA Pacific a $564 million mining contract at its Isaac Downs…