Cimic Group Ltd.’s Thiess secured a new A$480 million four year contract from QCoal

A new contract by QCoal: Cimic Group Ltd.’s (ASX: CIM) stock rose 1.34% on July 02, 2018 (before market close) after the company’s Thiess, CIM’s global mining services provider, secured a new A$480 million four year contract from QCoal to continue their operations at the QCoal Northern Hub situated in Queensland’s Bowen Basin, Australia. As per the contract, Thiess will continue to provide mining services at the QCoal Northern Hub, that includes the Sonoma, Sonoma North, Drake and Jax mines. The scope of works encompasses mine planning, drill and blast, overburden removal and coal mining at the Northern Hub which produces hard coking and thermal coal. CIM & Thiess at the QCoal Northern Hub has proven track record of delivering innovative and low-cost mining solutions. Further, Thiess will commence works under the new contract in July 2018. Additionally, CIM’s Thiess had recently secured a A$225 million contract with BHP Nickel West to provide mining services at the Rocky’s Reward nickel mine in Western Australia.  Meanwhile, CIM stock has fallen 4.88% in three months as on June 29, 2018 and is trading at a P/E of 19.54x.


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