- Weststar Industrial (WSI) shares are up 17.4 per cent after its subsidiary procured $13 million in contracts
- Weststar’s construction arm, SIMPEC, secured a $9 million contract with Canada-based First Quantum Minerals (FQM) to service its WA nickel operations
- This is SIMPEC’s first contract with FQM with work set to commence immediately
- Additional contracts awarded to SIMPEC include a construction tender with Accione at the Kwinana Waste Energy Project in Perth and a $2 million extension at the WestConnex M5 project in Sydney
- Investors have responded favourably to the announcement with WSI shares trading at 2.7 cents up 17.4 per cent
Weststar Industrial (WSI) shares are up 17.4 per cent after its subsidiary procured $13 million in contracts.
Weststar’s subsidiary construction arm SIMPEC secured a $9 million contract to provide electrical and instrumentation services at First Quantum Mineral’s (FQM) Ravensthorpe Operations in Western Australia.
Work is set to commence at FQM’s Ravensthorpe operations immediately, with completion expected by mid-2021. More specifically, SIMPEC will undertake work at the operation’s Shoemaker Levy project in WA’s Goldfields region.
The copper and nickel miner has operations across Africa, Latin America, Europe and Australia.
SIMPEC has also been awarded more than $2 million in contract extensions on the Sydney WestConnex New M5 Project with the CPB Dragados Samsung joint venture.
A construction tender with infrastructure company Accione is also among the contracts list, where SIMPEC will work on the construction of Avertas Energy’s Kwinana Waste Energy Project in Perth.
Further appointments include CBH Group, Tianqi Lithium and the Black & Veatch Civmec joint venture.
The company’s outlook touts a strong position for FY2021 have obtained $28 million in contracts this financial year.
SIMPEC Managing Director Mark Dimasi said he is excited to build upon the awards and develop long term relationships with new clients.
“The team continues to actively tender and remain optimistic with proposals being considered,” he said.
“We look forward to updating the market as these opportunities progress.”
Investors have responded favourably to the announcement with WSI shares trading at 2.7 cents up 17.4 per cent, 10:35 am AEDT.