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Mining giant BHP Billiton Limited (ASX:BHP) has terminated a contract it had with engineering and infrastructure management company Downer EDI Limited (ASX:DOW).
The BHP Billiton Mitsubishi Alliance will conclude Downer’s overburden removal contract at the Goonyella Riverside Mine in Queensland from September 9.
The contract was due to be completed by June 2016 and Downer says terminating the contract ahead of schedule will strip the company of about $360 million.Though Downer is entitled to compensation for early termination the company currently employs 427 people dedicated to the operation of four pre-strip fleets at Goonyella Riverside.Downer EDI delivered a net profit of $99.1 million in the first half of the 2014 financial year.
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