NRW broadens Stanmore work

NRW Holdings subsidiary Golding Contractors has reached agreement with Stanmore Coal to start production at its Isaac Plains East open cut coal mine in Queensland next month.
NRW broadens Stanmore work NRW broadens Stanmore work NRW broadens Stanmore work NRW broadens Stanmore work NRW broadens Stanmore work

Isaac Plains

Staff reporter

The Isaac Plains East scope is in line with Golding's existing Isaac Plains contract and adds roughyl A$93 million to its value. It also extends the project term to June 2019. 

The contract award extended a partnership with Stanmore that started in 2015 with the current Isaac Plains contract.

"I am extremely pleased that Golding will continue the productive partnership with Stanmore Coal at Isaac Plains East," NRW CEO Jules Pemberton said.

"Further, I look forward to working with Stanmore Coal to sustain this relationship longer term as they continue to grow their resource base." 

The contracts includes the statutory obligations of the mine operator performing the operating and maintenance activities of clear and grub and top soil removal; drill and blast; truck and excavator fleet; and overburden removal. 

It will also include coal handling and preparation including train loadout and mine rehabilitation.

NRW shares closed 6.2% higher yesterday at $1.45.

Earlier this week, Euroz maintained a buy rating and $1.83 price target for NRW.

"Over the course of fiscal 2019 we see contract wins in iron ore and east coast
civils as providing the next leg up, supporting the medium term growth we
look for in 2020 and 2021," analyst Gavin Allen said.