Golding Successfully Continued Its Partnership With Fitzroy Australia Resources

  • Nov 13, 2018 AEDT
  • Team Kalkine
Golding Successfully Continued Its Partnership With Fitzroy Australia Resources

NRW Holdings Limited (ASX: NWH) is happy to make an announcement that its subsidiary unit Golding Contractors Pty Ltd (Golding) was able to continue its partnership with Fitzroy Australia Resources (Fitzroy) as it is again been awarded by an Early Contractor Involvement (ECI). The sole purpose of the contract was to provide the fund for the development of the project for Ironbark No. 1 Coal Mine. Now the scope of ECI is to provide the entire plan that is required for mining. The next step for the company is that they need to provide details of the design, the cost involved as well as share the status of the project development for the civil and the mining services.

As per the expectation, the construction will start in the second quarter of FY2019. Also, Fitzroy might also proceed with its Golding. The available infrastructure of ECI include bulk excavation and stabilization of the box cut, haul roads, installation of portals, dams, site access roads, and other related civil infrastructures. The award was the outcome of ECI’s successful completion of Broadlea mining project over a period of 12 months for Fitzroy. This project was earlier also awarded to Goldings in September 2017 till October 2018. Grant Polwarth who is the CEO of Fitzroy Australia Resources, stated that after the recent grant of mining lease, this agreement with Goldings will be an important milestone for Ironbark No. 1.

Mr. Polwarth also visualized that the agreement with Goldings will help them to meet their vision of a modern and innovative Ironbark No. 1 coal mine. He considers this agreement to be an extended partnership between Fitzroy and Golding and is a positive step towards the construction. Also, the technique used in mining will be safe, efficient and highly successful Broadlea mining project.

The CEO and Managing Director of NRW, Jules Pemberton expresses his happiness of continued strong and joint partnership with Fitzroy Australia Resources. He also feels proud to share that NRW has strong service offering capabilities to the clients on the east coast through Golding’s strong cooperation in mining and civil. He also highlights that Goldings have the capability to provide genuine integrated solutions in mine planning, operations related to coal mines, management of the civil design as well as the construction of mine-site civil infrastructure.

Since its inception, the performance of the company was 168.44%. The 1 year, 5 years and 10 years performance of the company is 30.47%, 50.41%, and 349.38%. For the year ended 30 June 2018, the company was able to generate revenue of $754.3 million which is double as compared to the previous year. The net profit after tax is up by 48% which is equivalent to $42.2 million. The net acquisition cost for acquiring Goldings was $74.3 million. The company holds cash worth $58.8 million. The company has a strong commitment towards the payment of debt. The final dividend declared by the company was 2 cents which were fully franked. The net asset of the company is $272.643 million which indicates a strong financial position of the company.

By the end of the day, the market price of the share was A$1.815 with the market capitalization of A$676.19 million and PE ratio of 15.69x.


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