Johannesburg – RUC Cementation Mining Contractors, a subsidiary of the Murray & Roberts (M&R) mining platform, has been awarded a R2.3 billion Newmont Corporation shaft lining and equipment contract in Australia.
The contract was for Newmont’s Tanami Expansion 2 project in Australia’s Northern Territory. Newmont is the world’s largest gold producer.
M&R’s share price increased 2.8% to R11 on the JSE yesterday morning in the announcement of the contract, with the price well up from R5.16 a year ago. The share price closed at R10.74.
RUC is a diversified undergoing mining contractor with an extensive portfolio of completed and current projects throughout Australia and the Asia-Pacific.
Yesterday, M&R said that capital investment in the mining sector continued mainly in brownfield expansions, although it was expected investment in new mines would return from mid-2021 onwards.
The company’s mining platform has significant market share in the jurisdiction in which it operates, including Australia, Canada, Indonesia, Mongolia, South Africa, the US, Mexico, Chile and Zambia.
These include shaft sinking and equipping projects, decline and mine development projects, production mining projects, support and construction projects, and ore handling infrastructure construction projects.
The mining platform delivered a R176million profit before tax and interest at the interim stage, versus R353million the previous year.
