Global contractor CIMIC has used improving market conditions in mining and minerals processing to help increase its 2017 profits by 21 per cent.<\/p>\n
The diversified company\u2019s mining and minerals processing divisions \u2014 Thiess and Sedgman \u2014 achieved growth last year, CIMIC reported, securing contracts and extensions in Australia and Indonesia, including an extension at the Fortescue Metals Group\u2019s Solomon Hub iron ore operation in the Pilbara of Western Australia.<\/p>\n
This performance in mining and minerals processing helped CIMIC deliver $702 million in profits for the year, which was just above its $640\u2013700 million guidance.<\/p>\n
CIMIC also strengthened its position in the construction industry with several new contracts, both in Australia and internationally.<\/p>\n
Michael Wright, CIMIC chief executive officer, said the company leveraged its competitive position and favourable market conditions to produce the operating performance and further diversify an order book across mining, construction, services and public private partnerships.<\/p>\n
\u201cWe increased our focus on the development of our people during the year, and will further this in 2018 to ensure our performance-based culture provides long-term, rewarding career for our people,\u201d Wright said.<\/p>\n
CIMIC secured $18.4 billion worth of new work in 2017, including the $650 million contract extension at the Solomon Hub.<\/p>\n
Also in mining, the BHP Mitsubishi Alliance (BMA) awarded Thiess two contracts worth a combined $440 million at the Caval Ridge and Peak Downs coal mines in the Bowen Basin of Queensland.<\/p>\n
Thiess was also awarded a $189 million contract extension to continue to operate the Jellinbah Plains open pit at the Jellinbah East coal mine in central Queensland.<\/p>\n
Sedgman\u2019s contract wins included a $107 million EPC contract at Heron Resources\u2019 Woodlawn zinc-copper project in New South wales, a $6 million EPC contract with Stanwell Corp at the Meandu mine coal handling and preparation plant in Queensland, and contracts worth a combined $100 million at QCoal Group\u2019s Byerwen coal mine in Queensland.<\/p>\n","protected":false},"excerpt":{"rendered":"