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Cimic Group Ltd (ASX:CIM) awarded part of $1 billion Metro Tunnel works

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

CBP Contractors, a subsidiary of Cimic Group, is working as part of the Rail Infrastructure Alliance (RIA). The RIA has collectively been awarded a $1 billion contract by the Victorian Government as part of Metro Tunnel Project. Revenue to CBP Contractors for the design and construct contract is expected to be approximately $400 million.

Construction is expected to commence in late 2018 and be completed in 2025. Around 1,000 people will work on the RIA package, including almost 100 apprentices, trainees and engineering cadets.

Cimic Group Chief Executive Officer Michael Wright said “Investment in major transport infrastructure in Victoria is providing Cimic Group and CPB Contractors with a strong pipeline of project opportunities.”

The RIA has started preparation works at Kensington, South Yarra and West Footscray, ahead of construction of the western and eastern tunnel entrances that will connect with new stations. The package of works will deliver five new train stations and other enhancements to the line.

This is the second package of Metro Tunnel works to be delivered by CPB Contractors, following a design and construct contract awarded in December 2017.

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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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