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Stock impact report

NRW secures $502m mining services contract from TEC Coal [Yahoo! Finance]

Rio Tinto Plc (RIO) 
US:NYSE Investor Relations: riotinto.com/investors-87.aspx
Company Research Source: Yahoo! Finance
The agreement spans a period of 5.5 years, beginning this month. The Meandu Mine is situated 25km south-east of Kingaroy in the South Burnett region of Queensland. It is said to have an annual production capacity of 7.6 million tonnes (mt) and is expected to supply coal until the year 2037. The mine was originally commissioned in 1983. The mining services contract includes a six-month mobilisation phase followed by a five-year operational phase. Under the terms of the agreement, Golding Contractors will manage the entire mining operation. This includes the operation and maintenance of three fleets of heavy mining equipment, a dragline and a processing plant, all supplied by the principal, TEC Coal. The contract will provide employment for around 400 local residents. NRW CEO Jules Pemberton said: “This award is reflective of Goldings' excellent reputation for the delivery of safe and efficient contract mining services. The capital-light structure of the contract aligns w Show less Read more
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