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Monadelphous wins $100M contract with Rio Tinto

ASX 200
ASX:MND
20 November 2019 16:41 (AEST)

Monadelphous Group has been awarded a five-year maintenance contract with Rio Tinto worth over $100 million.

The mechanical and electrical maintenance services contract includes the provision of shutdowns and scaffolding at Rio Tinto’s iron ore operations in the Pilbara region of Western Australia.

Monadelphous Managing Director, Rob Velletri says that the contract allows the company to build on our longstanding relationship with Rio Tinto.

“Our focus will be on the delivery of safe, reliable, innovative and cost-effective solutions. We have seen significant growth in our maintenance division over the last two years, with a more than 50 per cent increase in revenue,” he said.

Monadelphous has been working with Rio Tinto at its iron ore operations for more than 25 years.

“This award, which is a continuation of the provision of maintenance services to Rio, ensures a strong pipeline of future work within the iron ore sector in the Pilbara,” Rob said.

“We look forward to continuing to partner with the communities of Karratha, Dampier, Wickham and Roebourne, providing employment, training and business opportunities in these regions,” he added.

On market close, Monadelphous is up 4.49 per cent, trading at $16.06 However, Rio Tinto is down slightly and selling shares for $94.41 apiece.

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