GR Engineering Services Limited (ASX: GNG) has entered into a contract with a wholly owned subsidiary of Saracen Mineral Holdings Limited (ASX: SAR) for the engineering design, procurement and construction of expansion works at Carosue Dam gold operations.
- The contract includes an upgrade of existing processing plant capacity to nominal throughput of 3.2Mtpa.
- The contract price is reported as $24.5 million. It is expected that the upgrade would complete by the first half of FY21 with commencement immediately.
By 1:20 PM AEST, GNG was trading at $0.75, no change from the previous close.