Downer wins five-year mining contract extension

  • Sep 05, 2018 AEST
  • Team Kalkine
Downer wins five-year mining contract extension

Downer EDI Limited (ASX: DOW) today announced that it has been awarded a contract by Millmerran Power Partners to continue the provision of mining services for more five years at the consideration of $286 million. The contract requires the Downer to provide mining services at Millmerran’s Commodore open cut coal mine in South East Queensland, adjacent to the Millmerran Power Station.

Downer is engaged in providing mining service at Commodore since 2001 and with this contract extension it is expected to continue the operations at Commodore until the end of August 2024.

This contract comes in a row to Downer’s recent success in mining, energy and resources sector as it has recently bagged $120 million mining services contract at the CSA mine, a five-year maintenance and support services contract at the Chevron-operated Gorgon and Wheatstone facilities and a $660 million underground mining services contract at the Carrapateena copper gold mine. 

The Chief Executive Officer of Downer, Grant Fenn, said “We are delighted to be continuing this 17-year partnership.” He added this contract extension clearly demonstrated the ability of Downer in delivering value for its customers.

But this contract extension news did not seem to work on ASX today as the Downer’s share price has fallen by 0.321% to $7.775 as at 5 September 2018 (3:08 PM AEST). The stock has seen the performance change of 12.23% over the past one year.

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