07.20.2018

Murray & Roberts secures R4bn in new mining projects

Andries Mahlangu

 

Picture: 123RF STOCK PHOTO

Picture: 123RF STOCK PHOTO

Construction and engineering group Murray & Roberts has been awarded new projects worth R4bn, to be delivered over a two-year period.

The group’s oil and gas division will carry out projects in the Australasian metals and minerals market.

The same division will work with the underground mining division to develop a copper mine in Mongolia.

“In the context of a constrained oil and gas market over the past four years, emphasis has been placed on complementary growth markets such as Australasia’s metals and minerals, and infrastructure sectors, previously well serviced by the oil and gas platform,” the company said in a statement on Thursday.

“These project awards are a demonstration of the platform’s ability to secure project opportunities in complementary markets.”

Murray & Roberts, which is the target of a hostile takeover over by German investment firm Aton, had already announced mining projects worth billions of rand this year.

In April it was awarded underground mining projects in the sub-Saharan, North American and Australasian markets to the value of R3.7bn.

This came just a month after the group secured underground mining projects in the North American and Australasian markets to the value of R3.8bn.

The market reaction to Thursday’s news was muted, with the share price down 0.11% to R17.77 in early trade on the JSE, valuing the company at R7.9bn.