What’s pushing NRW Holdings’ (ASX:NWH) share price up today?

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What’s pushing NRW Holdings’ (ASX:NWH) share price up today?

 What’s pushing NRW Holdings’ (ASX:NWH) share price up today?
Image source: © Gontar | Megapixl.com

Highlights:

  • NRW Holdings has bagged new mining services contracts via its subsidiaries.
  • Golding Contractors, one of its subsidiaries, has inked a mining services deal with Wonbindi Coal.
  • Another subsidiary, DIAB Engineering, has struck deals with miners Rio Tinto and Lynas Rare Earths.
  • NWH share price has been buzzing in green zone since the early hours of trading.

Construction and mining contractor, NRW Holdings Limited (ASX:NWH) has signed a few new contracts announced on ASX today (4 July). While NRW Holdings’ subsidiary, DIAB Engineering, has bagged in two contracts worth about AU$78 million, NWH’s subsidiary, Golding Contractors, also executed a mining services agreement with Wonbindi Coal worth AU$800 million.

Share price movement

After the announcement of the new contracts signed by NRW Holdings, NWH share price has gained 3.519% and the shares were spotted trading at AU$1.765 apiece at 10:30 AM AEST. NWH’s share price has lost more than 11% in last one month. In last one year, the stock has gained 18.46%.

Mining services contacts awarded to DIAB Engineering:

NRW Holdings’ wholly owned subsidiary - DIAB Engineering Pty Ltd (DIAB), signed two contracts with top mining companies- Lynas Rare Earths (ASX:LYC) and Rio Tinto (ASX:RIO).

DIAB Engineering offers tailored mine to market services and is a specialist mine maintenance and shutdown services provider.

Image Source-©2022 Kalkine Media ®, source-ASX announcement

  • Lynas Kalgoorlie Pty Ltd, a 100% subsidiary of Lynas Rare Earths, treats rare earth concentrates from Mt Weld for producing rare earth carbonate. DIAB‘s contract with the company is for the construction of filter building for processing and making further concentrate of the rare earth. DIAB’s works include the supply, fabrication and erection of filter building, installation of associated equipment and piping and electrical and instrumentation installations. DIAB will be carrying out around 1500 tonne of fabrication works for the Filter Building with the help of 80 local team members. Also, a construction workforce of 60-80 shall be mobilised to site in coming months.
  • For Rio Tinto Iron Ore’s Tom Price and Western Turner crushers, DIAB Engineering, is to supply, fabricate and install multiple dust suppression systems. These systems are to assist with improved control and suppression of dust generated from RIO’s operations. The project is to involve 60 people at its peak and is to run for 12 months.

NRW Holding’s mining services agreement via Golding

NRW Holdings Limited’s 100% subsidiary, Golding Contractors Pty Ltd (Golding) also executed a mining services agreement with Wonbindi Coal Pty Ltd (Wonbindi) for its Baralaba north mine. The contract duration is of five and half years. It is valued at about AU$800 million and marks the strong relationship between Golding and Wonbindi. Golding has been providing contract mining services at Baralaba north mine for last four years. Scope of present agreement includes maintenance and operation of client owned fleet of equipment and producing ultra-low volatile PCI product. The agreement is to begin since 1 July 2022.

More from ASX- GNC, CKF: Two ASX 200 shares going ex-dividend this week

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