Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • CPB Contractors has been awarded a design and construction contract to upgrade part of Melbourne’s M80 Ring Road
  • The project has an estimated revenue rate of A$331 million and will be funded by the Australian and Victorian Government
  • Construction will begin early 2020 and work on the road will conclude in 2023
  • The CIMIC Group traded down 1.22 per cent on the ASX today, with stocks currently selling for $33.53 each

CPB Contractors has been awarded a design and construction contract to upgrade part of Melbourne’s M80 Ring Road.

Funding for the upgrade will be supplied by the Victorian and Australian Governments, generating a revenue stream of roughly A$331 million for CPB.

The contract covers a northern section of the M80, located approximately 14 kilometres from Melbourne’s CBD.

CPB Contractors is a subsidiary of the CIMIC Group, an ASX 200-listed construction company.

CIMIC Group CEO Michael Wright said the company boasted substantial experience in delivering infrastructure projects across Victoria.

“Drawing on our significant expertise and strong teams of people, CPB Contractors will safely and efficiently complete this vital piece of infrastructure for the community. We are pleased to be selected to deliver this project for the Australian and Victorian Governments,” Michel stated.

Some of the works planned include the widening of realignment ramps, creating additional lanes, structural works, street lighting, traffic barries, noise walls and landscaping, as well as the installation of a smart freeway management system.

CPB Contractors Managing Director Juan Santamaria said the company would utilise its civil construction experience to deliver the upgrade.

“We’ll bring local knowledge and industry-leading experience to deliver this upgrade with the least disruption possible, and with a commitment to meet and exceed important government policies such as Local Jobs First and the Social Procurement Framework,” Juan explained.

Local Jobs First is a 2003 scheme created by the Victorian Government to expand market opportunities for local industries, such as construction and redevelopment.

Similarly, the Social Procurement Framework works to increase the value of projects (such as the M80 upgrade) ordered by the Government.

Construction on the M80 is pencilled in to begin early next year, with tools down slated for the start of 2023.

The CIMIC Group traded down 1.22 per cent on the Australian Securities Exchange today, with stocks currently selling for $33.53 each.

CIM by the numbers
More From The Market Herald

" Aurizon (ASX:AZJ) to buy One Rail for $2.35b

Aurizon (AZJ) has signed an agreement with Macquarie Asset Management to purchase One Rail Australia for $2.35 billion.
Rio Tinto (ASX:RIO)- CEO, Jakob Stausholm

" Rio Tinto (ASX:RIO) aims to half carbon footprint by 2030

Global mining giant Rio Tinto (RIO) has pledged to half its carbon footprint by 2030.
Orocobre (ASX:ORE) - CEO and MD, Martin Perez de Solay

" Orocobre (ASX:ORE) tables record Mt Cattlin production after Galaxy merger

Shares in lithium big-cap Orocobre (ORE) are trading green this morning after the company announced record production from its new Mt Cattlin mine
Lynas (ASX:LYC) - Managing Director & CEO, Amanda Lacaze

" Lynas Rare Earths’ (ASX:LYC) sales drop as COVID cases slowed production

Lynas Rare Earths (LYC) has reported a drop in sales revenue after a recent spike in COVID-19 cases in Malaysia led to a