AUSTIN SECURES MILLION DOLLAR CHILE MINING CONTRACT

Written on the 13 August 2013

AUSTIN SECURES MILLION DOLLAR CHILE MINING CONTRACT

 AUSTIN Engineering (ASX:ANG) has been awarded a $14.5 million contract with a state-owned copper mining company in Chile.

The five-year contract with Codelco is for the provision of heavy equipment lifting and support services for its Gabriela Mistral mine.

The mine, nicknamed Gaby and located 120km south of Calama, has an expected operating life of 15 years.

Additional spot services are expected to boost the base value of the contract by between $2.5 and $4 million dollars over its life.

The contract will commence mid-September.

The Brisbane-based company’s share price increased 5.85 per cent to $4.34 on the back of today’s news.

Managing director Michael Buckland says the expansion of Austin’s business in the Calama area will provide further revenue growth opportunities.

“The Gaby contract provides five years of base earnings contribution plus additional earnings from the provision of spot services for our best margin-performing business,” says Buckland.

ANG has recently secured dump truck tray repair work from the Gaby mine and will chase more repair work from the mine and the wider Codelco organisation, which boasts five large mines in the area.

The latest news follows the award of a three-year contract for on-site services and off-site repairs for Codelco’s Ministro Hales mine as announce by Austin on August 7.


Latest News

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

ADELAIDE DIGITAL MARKETING GURUS CHANGING THE FACE OF ONLINE RETAILING

Frank Grasso, CEO of Adelaide based Dynamic Creative, believes his company's new software will revolutionise Adwo...

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter