Victorian government awards CIMIC (ASX:CIM) with $4b contract

Company News

by Lauren Evans

The engineering company CIMIC (ASX:CIM) has been awarded by Victorian Government to deliver the North East Link Primary Package in Melbourne.

CIMIC main partnerships, CPB contractors and Ventia, and members of spark consortium, are the preferred proponent to provide 3-lane twin tunnels that will glue together Melbourne’s freeway network.

The project will allow up to 135,000 vehicles to use the north east tunnels every day, reducing congestion and maintaining local roads.

The core of the project is considered the largest component of the contract while set to the biggest road transport project in Victoria’s history. Cimic are expecting approximately $4 billion in revenue across the construction and operation phase over the next 30 years.

Cimic group executive chairman and chief executive officer Juan Santamaria said “we are pleased to be part of such an important project for the people of Victoria”.

Shares in Cimic (ASX:CIM) are trading 1.2 per cent higher at $20.25.

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