Monadelphous, Develop book $630m in contracts
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Monadelphous Group has secured new work and extensions to the tune of $230 million, as Bill Beament-led Develop Global lands a $400 million job on Bellevue Gold’s namesake project.
Under the four-year arrangement with Bellevue Gold, Develop will oversee construction, development and production activities at the company’s underground mine in WA’s Goldfields.
Develop is led by former Northern Star Resoures chair, Bill Beament, with fellow Northern Star alumni Paul Nilsson and Aaron Armstrong part of the company’s underground services team.
Work is set to start in the June quarter and is valued at approximately $400 million.
At the same time, Develop is also working on exploration and development activities at its recently acquired Woodlawn copper-zinc mine in New South Wales.
Mr Beament said his team was perfectly suited to Bellevue’s project.
“We have access to an extensive pool of specialists across the required disciplines, many of whom are unquestionably world-class, and we are well-advanced in securing the latest equipment,” Mr Beament said.
“This is an enormous opportunity for both companies.”
Monadelphous also announced new works this morning.
It secured a number of new contracts and extensions in Australia and Papua New Guinea, estimated at approximately $230 million.
This includes a gig with Rio Tinto to support shutdown works at its Greater Tom Price operation in the Pilbara, which is set to start later this year.
Monadelphous also booked a three-year contact for work on Synergy’s Muja Power Station in Collie, as well as a two-year extension providing maintenance, turnarounds and brownfields modifications at an unnamed customer’s LNG facility.
Further works include a contract with Origin in Queensland, Tronox Mining in New South Wales and engineering, procurement and construction services on a Newcrest project in Papua New Guinea.
Develop shares were up 4.35 per cent to trade at $3.36, while Monadelphous shares were up 0.27 per cent to trade at $11.16.