- Austin Engineering (ANG) signs a five-year mining products and service supply contract with Rio Tinto (RIO)
- The contract is reportedly for the supply of dump bodies, lightweight trays for ore trucks, heavy machinery buckets, water bodies and other fabricated products
- Austin estimates the value of services under the contract over its life could be around $300 million
- The company has supplied Rio Tinto iron ore operations with its services for over 33 years
- Shares have been up 11.5 per cent trading at 21.8 cents
Austin Engineering (ANG) has signed a five-year mining products and services supply contract with Rio Tinto (RIO).
The contract is reportedly for the supply of dump bodies, lightweight trays for ore trucks, heavy machinery buckets, water bodies and other fabricated products.
Additionally the contract covers the provision of offsite repairs and other associated services with supply from all of the company’s major global facilities including those in Australia, Indonesia and the Americas.
Austin estimates the value of services under the contract over its life could be around $300 million. The contract includes pre-agreed pricing for mining buckets and haul trays matching Rio Tinto’s global fleet reportedly enabling rapid purchasing and order fulfillment.
The company has supplied Rio Tinto iron ore operations with its heavy consumable equipment, offsite repairs and other equipment for 33 years.
Austin CEO and Managing Director, David Singleton believes shareholders will appreciate the importance of the contract.
“It provides strong, long-term support for our business through the mining cycles from one of the world’s leading miners”.
Shares were trading up 11.5 per cent at 21.8 cents at 3:21 pm AEDT