Iron

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.

Click here for the full Australian Mining report

Featured

MARKETS

Markets
TSX20286.20+88.59
TSXV700.66-1.43
DOW31928.62+48.38
S&P 5003941.48-32.27
NASD11264.45-270.83
ASX7128.80-20.10

COMMODITIES

Commodities
Gold1860.31-6.99
Silver21.99-0.13
Copper4.29-0.01
Palladium2003.00+6.00
Platinum955.00-1.00
Oil111.04+1.27
Heating Oil3.69+0.03
Natural Gas8.92+0.12

DOWNLOAD FREE REPORTS

×