Join our daily newsletter At The Bell to receive exclusive market insights
- CIMIC Group’s (CIM) CPB Contractors has won two contracts, worth $128 million, for resources and water projects in WA and Queensland
- The contracts include the Iron Bridge Magnetite Project, owned by Fortescue Metals Group and Formosa Steel.
- It also includes includes the Queensland Government-owned water service provider, Sunwater
- Both projects are expected to be completed in 2021
- While, CIMIC’s other subsidary UGL also signed two contracts with BHP and Rio Tinto yesterday, worth $200 million
- The company’s shares closed up 5.02 per cent, trading for $23.84 per share
CIMIC Group’s (CIM) CPB Contractors has won two contracts, worth $128 million, for resources and water projects in Western Australia and Queensland.
Iron Bridge Magnetite Project
One of the contracts is for the Iron Bridge Magnetite Project in the WA Pilbara region.
The project is a joint venture between Fortescue Metals Group subsidiary, FMG Iron Bridge, and Formosa Steel IB.
Under the deal, CPB Contractors will be delivering concrete and detailed earthworks for a wet processing plant at the project.
The work will commence this year and are expected to be completed in 2021.
Sunwater Project
The other contract signed today relates to a project called Sunwater, a Queensland Government-owned water service provider.
CPB Contractors will be undertaking essential works at Sunwater’s Paradise Dam in Bundaberg, Queensland.
Work on the dam already started in May, 2020, to lower the spillway, however ancillary works are expected to be completed in 2021.
More contracts
CIMIC Group CEO Juan Santamaria said he was pleased to have signed these new contracts
“The range of work being won by CPB Contractors demonstrates the extent of the capability that we provide to clients to produce reliable, safe and efficient outcomes,” he said.
“The award of these contracts is recognition of our people’s expertise in delivering essential and strategic infrastructure projects,” CPB Contractors Managing Director Diego Zumaquero also commented.
Meantime, CIMIC’s other subsidary UGL also signed two contracts with BHP and Rio Tinto yesterday, worth $200 million.
Shares in CIMIC closed up 5.02 per cent, is trading for $23.84 per share at market close on August 11.
