1st Dec 2020 08:54
(Alliance News) - Weir Group PLC on Tuesday announced the winning of an order worth GBP95 million to provide aftermarket components and services to the Iron Bridge magnetite project in Australia.
The Iron Bridge project is a USD2.6 billion joint venture between ASX-listed iron ore company Fortescue Metals Group and Formosa Steel IB Pty Ltd, which is part of Taiwanese Formosa Plastics Group, and is located in the Pilbara region.
The order and any revenue derived from it will be recognised over its seven-year period which starts in 2022, in line with project's initial production.
"This is another landmark order for Weir. Having helped design an energy and water efficient magnetite processing plant, we are delighted to provide operational support for Iron Bridge from 2022. It is an excellent example of the value that Weir's innovative engineering and close customer support can create for all our stakeholders and reflects the key role we have to play in making mining operations more sustainable and efficient," said President Ricardo Garib.
Shares in Weir were up 1.8% at 1,704.50 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Weir Group