Downer EDI logo

DOW - Downer EDI News Story

A$5.47 -0.1  -1.4%

Last Trade - 7:10am

Sector
Industrials
Size
Mid Cap
Market Cap £2.14bn
Enterprise Value £3.13bn
Revenue £6.57bn
Position in Universe 132nd / 1911

UPDATE 1-Australia's OZ Minerals to employ Downer development of underground South Australia mine

Tue 17th April, 2018 12:11am
(Adds details, background)
    April 17 (Reuters) - Australian copper miner OZ Minerals
 OZL.AX  on Monday said it has awarded rail infrastructure
company Downer EDI  DOW.AX  with the contract for the next phase
of its Carrapateena underground mine development in South
Australia.
    The near six-year contract at the copper-gold mine is valued
at A$660 million ($513.61 million), OZ said in statement, adding
that the contract would be effective from 1 July 2018. 
    Downer would work with current developer PYBAR Mining
Services Pty during the transition period.
     This contract is in addition to Downer's engineering,
procurement and construction contract at the mine awarded by Oz
in December 2017.
    In August, Oz said it would begin construction of the mine,
one of Australia's largest undeveloped copper project,
estimating the cost at A$916 million. urn:newsml:reuters.com:*:nL4N1QB50Q  urn:newsml:reuters.com:*:nL4N1L95PK
    Oz which saw a doubling of annual net profit in February,
helped by a recovery in copper prices, had earlier said that it
would spend about A$500 million in 2018 as construction capital
for Carrapateena.
    
 ($1 = 1.2850 Australian dollars)

 (Reporting by Susan Mathew in Bengaluru)
 ((susan.mathew@thomsonreuters.com; +91-80-6749-1130; Reuters
Messaging: susan.mathew.thomsonreuters.com@reuters.net))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.