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Monadelphous lands $100M contract with Rio Tinto

ASX 200
ASX:MND      MCAP $1.318B
01 August 2019 22:20 (AEST)

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Engineering company Monadelphous has secured a contract with mining giant Rio Tinto worth over $100 million.

The company will provide construction work at Rio’s West Angelas Deposits C and D Project, located in the Pilbara region of Western Australia.

The contract covers the supply and installation of “structural, mechanical, piping and electrical and instrumentation works associated with the construction of new iron ore facilities, as well as modifications to exisiting plant”.

Work on site is expected to begin instantly, with projected completion set for April 2021.

The company attributes securing the contract to its “strong reputation and proven capability in delivering large-scale construction projects”.

Managing Director at Monadelphous Rob Velletri said: “we look forward to continuing our long-term relationship with Rio Tinto and supporting their iron ore operations in the Pilbara.”

The West Angelas deposits make up part of Rio’s significant iron ore holding in Western Australia, currently comprising of 16 mines.

Monadelphous’ share price is down today as the mining sector has taken a hit on the ASX. The company’s shares are currently trading at $18.44 each after closing at $18.60 yesterday.

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