Engineering company Downer EDI has been awarded a $570 million contract for providing its services at the Karara iron ore project.
The project situated in Western Australia is being operated as a joint venture between Gindalbie Metals and China's Anshan Iron and Steel Group, also known as Ansteel.
The contract is for duration of six years and will see Downer establish mine infrastructure, provide drill and blasting services and haul waste and ore at the site. Downer EDI is an Australian Stock Exchange Top 100 company.
It provides engineering and infrastructure management services to various sectors across Australia, New Zealand and the Asia Pacific region. It was established in New Zealand in 1933 by Arnold Fielder Downer. As per the company website Downer is listed on the Australian Securities Exchange and employs over 21,000 people in Australia, New Zealand, the Asia Pacific region and the United Kingdom.
Shares of the company jumped to their six month high of $ 3.84 after the New South Wales government reached an agreement to restructure the financing of Reliance Rail. Downer EDI owns 49% of Reliance Rail which is building trains for the Sydney suburban rail network.