gr soars on $111m uk contract

GR soars on $111m UK contract

The West AustralianMarch 6, 2013, 8:30 am

UPDATE 10.20am: Shares in GR Engineering soared after the company announced it had won a £75 million ($111 million) engineering, procurement and construction contract in the UK.

The two-year contract, with Wolf Minerals, involves the design, construction and commissioning of a 3mtpa tungsten and tin mineral processing plant plus associated infrastructure for the Hemerdon Tungsten and Tin project near Plymouth.

GR Engineering's managing director Joe Ricciardo said the award follows more than three years of the company working closely with Wolf to deliver specialised studies and advice.

"The contract is particularly significant for GR Engineering as it is consistent with our growth strategy to expand offshore and to maintain our traditional standing as an EPC contractor that can deliver fixed price, turn-key solutions," he said.
GR shares were up nine cents, or 10.98 per cent, to 91 cents at 10.20am after hitting an earlier peak of 95.5 cents.

http://au.news.yahoo.com/thewest/business/a/-/wa/16306106/gr-soars-on-111m-uk-contract/