Award of Conditional £75 million EPC Contract

Company News

GR Engineering Services Limited (ASX:GNG) (GR Engineering) is pleased to announce that it has been awarded a £75 million (A$111 million1) EPC contract (Contract) for the Hemerdon Tungsten and Tin project, located near Plymouth, England by Wolf Minerals Limited (ASX:WLF) (Wolf).

The Contract is for the design, construction and commissioning of a 3Mtpa tungsten and tin mineral processing plant plus associated infrastructure, forming the key component of the Hemerdon Tungsten and Tin project.

The formal commencement date for the work under the Contract will be advised by Wolf upon the satisfaction of several conditions precedent, including finalisation and confirmation from Wolf that financial arrangements are in place for the project.

The Contract term is approximately 2 years from the commencement date.

Commenting on the Contract award, GR Engineering’s Managing Director, Mr Joe Ricciardo said:

The award of the Hemerdon EPC Contract follows over 3 years of GR Engineering working closely with Wolf to deliver specialised studies and advice whilst demonstrating the engineering and construction capabilities that are pivotal to the successful delivery of the project

The Contract is particularly significant for GR Engineering as it is consistent with our growth strategy to expand offshore and to maintain our traditional standing as an EPC contractor that can deliver fixed price, turn-key solutions.

GR Engineering looks forward to continuing to work with Wolf to bring the Hemerdon Tungsten and Tin project into production.”

1 Approximate values at a spot exchange rate of A$1.00:£0.67

To learn more about the Hemerdon Tungsten and Tin Project, click here