Australia's Monadelphous among top gainers on ASX 200 on Albemarle contract

Monadelphous

25/07/2023 02:26

** Shares of Australia's Monadelphous Group  MND.AX  among
top gainers in benchmark ASX 200 index, climb as much as 4.7% to
A$13.09
    ** The engineering firm says it secured A$200 mln ($134.56
mln) construction contract for Albemarle's  ALB.N  Kemerton
lithium hydroxide plant in Western Australia 
    ** Under the contract, MND will have work associated with
two new lithium processing trains
    ** The deal comes after ALB said in May it would spend $1.5
billion to double capacity at its Kemerton plant
    ** Stock posts its sharpest gains since July 10 
    ** Monadelphous stock down 6.4% this year, as of last close 
    
   ($1 = 1.4863 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))