CIMIC’s Thiess wins $300m contract | Finance News Network

CIMIC’s Thiess wins $300m contract

Company News

by Kathy Skantzos

CIMIC Group’s (ASX:CIM) Thiess has been awarded $300 million to expand Kaltim Prima Coal’s Indonesian mine.

The contracting giant’s four-year contract will extend the life of the mine, increase its production by 12 million tonnes and overburden removal by 130 million bank cubic metres until 2021.

The expansion builds on the Sangatta coal mines successful history since 2003 and also on CIMIC’s 29 year presence in Indonesia.

The company says the deal also strengthens its long-term partnership with KPC in delivering cost effective outcome.

Shares in CIMIC (ASX:CIM) are trading 0.13 per cent lower to $50.23.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.