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Cimic Group Ltd (ASX:CIM) awarded $480 million QCoal contract

Thiess, the global mining services provider owned by Cimic Group Ltd (ASX: CIM) has been awarded a A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen Basin.

The contract has a four-year term and will require Thiess to provide mining services including, “mine planning, drill and blast, overburden removal and coal mining”, according to the announcement.

Cimic shares were up 1.5% on Friday following the announcement.

The QCoal contract win follows a recently announced $225 million contract awarded to Thiess to provide mining services to Nickel West which is owned by BHP Billiton Limited (ASX: BHP). 

Whilst Cimic Group has won a major new contract, it’s not part of the list of shares identified by our team of experts as the best shares to buy right now.

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Motley Fool contributor Kevin Gandiya has no position in any of the stocks mentioned.

You can find Kevin on Twitter @KevinGandiya.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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