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Cimic Group Ltd (ASX:CIM) wins $420 million contract extension

Cimic Group Ltd (ASX: CIM) is a mining and mineral processing, construction and energy services group.

Today, Cimic Group announced that its mining and mineral processing subsidiary, Thiess, has been awarded a $420 million contract extension by Antofagasta Minerals (AMSA) to continue operations at the Encuentro open pit in northern Chile.

Thiess will continue providing mining services which include drilling, load and haul, mobile equipment maintenance and mine services over the four-year contract extension.

Cimic Group Executive Mining and Mineral Processing and Thiess Managing Director Douglas Thompson said “Since commencing operations in 2015, we have moved over 70 million cubic metres, a first for Thiess in South America. This has been possible through our team’s focus on efficiency and productivity and working collaboratively with our client.”

Cimic says that planned future improvements include investment in maintenance infrastructure, a fleet management system and transfer to Thiess of short-term mine planning responsibilities.

The Cimic Group share price is down 0.65% to $50.59 as of close today.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. 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.