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Fortescue Awards Christmas Creek Contract to Downer EDI
Feb. 23, 2015 07:20AM PST
Base Metals Investing Australian Mining reported that Fortescue Metals Group Ltd. (ASX:FMG) has wound up the service contract at Christmas Creek for Macmahon Holdings Ltd. and awarded the remaining work to Downer EDI Ltd. (ASX:EDI).
Australian Mining reported that Fortescue Metals Group Ltd. (ASX:FMG) has wound up the service contract at Christmas Creek for Macmahon Holdings Ltd. and awarded the remaining work to Downer EDI Ltd. (ASX:EDI).
As quoted in the market news:
After already dropping 40 workers from the Christmas Creek operation last week, Macmahon was informed by FMG on Friday that their contract, worth $260 million in revenue, would be wound up by April 20.
Downer EDIs contract has been expanded to include Christmas Creek 1 and 2, an agreement which will run to September 2016.
Downer EDI has said the contract is worth $720 million however FMG have stated it is worth approximately $650 million.
Downer EDI Chief Executive Grant Fenn stated:
This represents another step in Fortescue’s concerted drive to increase our global competitiveness.
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