Thiess lands new A$1.5b coal contract

Top image :
Major mining contractor Thiess secures long-term deal at Olive Downs in Queensland, Australia.
Mining at Olive Downs expected to start in 2023

Thiess, the world’s biggest surface mining contractor, has booked more than A$1.5 billion of new work in central Queensland, Australia, with an eight-year appointment by Pembroke Resources at the Olive Downs coking coal project.

Thiess, half-owned by ASX-listed CIMIC, said revenue was expected to be $1.5 billion over the first five years of its tenure at Olive Downs. Beyond that returns were still to be finalised.

Olive Downs has 514 million tonnes of JORC opencut reserves and a potential life of 80 years or more. It is slated to start production next year.

Pembroke said in December last year it had secured A$500 million of debt finance for the circa-$1 billion project.


Leave a Reply

Not registered? Register Now

Powered By MemberPress WooCommerce Plus Integration