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Weir wins £95m components, services contract for Australia magnetite project
StockMarketWire.com
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Mining engineering group Weir said it had won a £95 million order to provide aftermarket components and service to the Iron Bridge magnetite project in Western Australia.
Weir said the followed it winning a record £100 million order for original equipment for Iron Bridge in 2019.
The project was a $2.6 billion joint venture between Fortescue Metals Formosa Steel, located in the Pilbara region, around 145 kilometres south of Port Hedland.
Both the aftermarket order and revenues would be recognised over the seven-year period of the agreement, which started in 2022, in line with the project's initial production.
Story provided by StockMarketWire.com
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