Total
0
Shares
Image Sourced Shutterstock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Aussie Engineers Monadelphous have secured a $100 million contract with mining giant Rio Tinto to provide construction work at Rio’s West Angelas iron ore deposit
  • Monadelphous will supply and construct a range of structures on site, including mechanics, piping and electrics
  • Monadelphous’ share price is down 0.86 per cent today, currently sitting at $18.44 per share

Engineering company Monadelphous has secured a contract with mining giant Rio Tinto worth over $100 million.

The company will provide construction work at Rio’s West Angelas Deposits C and D Project, located in the Pilbara region of Western Australia.

The contract covers the supply and installation of “structural, mechanical, piping and electrical and instrumentation works associated with the construction of new iron ore facilities, as well as modifications to exisiting plant”.

Work on site is expected to begin instantly, with projected completion set for April 2021.

The company attributes securing the contract to its “strong reputation and proven capability in delivering large-scale construction projects”.

Managing Director at Monadelphous Rob Velletri said: “we look forward to continuing our long-term relationship with Rio Tinto and supporting their iron ore operations in the Pilbara.”

The West Angelas deposits make up part of Rio’s significant iron ore holding in Western Australia, currently comprising of 16 mines.

Monadelphous’ share price is down today as the mining sector has taken a hit on the ASX. The company’s shares are currently trading at $18.44 each after closing at $18.60 yesterday.

MND by the numbers
More From The Market Herald

" Forrest rejects “Wait Awhile” state as home for hydrogen project

Fortescue Metals Group (FMG) Chairman Andrew Forrest said Western Australian was the first choice for the Fortescue Futures Initiative (FFI) hydrogen project, but

" Qantas (ASX:QAN) brings forward international flights to Nov 1

Qantas (QAN) will begin international flights two weeks earlier than planned, on November 1, 2021, after the Federal and New South Wales governments
Insurance Australia Group (IAG) - MD and CEO, Nick Hawkins

" ASIC sues Insurance Australian Group (ASX:IAG) for misleading discounts

Insurance Australia Group (IAG) shares are sinking today after the corporate watchdog announced civil action against an IAG subsidiary for failing to honour

" Rio Tinto (ASX:RIO) cuts 2021 iron ore shipments over “tight labour market”

Rio Tinto (RIO) has cut its expected iron ore shipments for 2021 as Western Australia’s constricted labour force delays the completion of two