Business
Weir awarded £53m redefined flowsheet contract
Weir awarded £53m redefined flowsheet contract.
About this update from Weir Group Plc
[{"type":"text","content":"\n\n20 August 2024\nPress Release\nWeir awarded £53m redefined flowsheet contract for Reko Diq greenfield copper-gold project in Pakistan's Balochistan Province\nThe first call-off order of £26m, which includes both ENDURON® large format High Pressure Grinding Rolls (HPGR) and wet screens, will be recognised in Q3 with the remaining orders booked later in 2024 and early 2025.\nThe Weir Group PLC (Weir), a global mining technology leader, has been awarded a £53m contract to provide industry-leading energy efficient, sustainable solutions to the Reko Diq copper-gold project, a 50% owned greenfield development by Barrick Gold Corporation (Barrick). The tier one copper project is located in the Chagai district of Balochistan and is targeting first production in 2028 with an estimated mine life of 40+ years.\nDuring the first phase of the project, Weir will provide fine grinding, separation and tailings solutions. Featured equipment includes Weir's market leading ENDURON® HPGRs, ENDURON® Elite wet and dry vibrating screens, WARMAN® slurry pumps, and CAVEX® hydrocyclones. Among the equipment to be provided are Weir's large format HPGRs - the highest capacity design in the market.\nThe initial £53m contract award will be recognised in the order book in accordance with a phased call-off aligned with manufacturing lead times, with £26m recognised immediately and the remaining orders to be booked in Q4 2024 and Q1 2025. After commissioning of the equipment, aftermarket support will be provided via an on-site purpose-built service centre staffed with Weir technical personnel.\nThe receipt of orders associated with the contract award during 2024 does not result in a change to Weir's full year 2024 financial guidance as of 30 July 2024.\nCommenting on the contract award, Jon Stanton, Chief Executive Officer of Weir said:\n\"We are delighted to have secured this significant contract which represents further industry acceptance of Weir's differentiated sustainable and cost-effective redefined flowsheet solution, with our market leading HPGR technology particularly suited for the water-scarce climate and geology of the Reko Diq copper-gold project. Our engineers have designed an innovative solution that comprehensively addresses the particular challenges of this project and is a great example of working in close partnership with an ambiti...