Morning all
Just wondering anyone's thoughts on the Corumba Project.
This was RIO's Iron Ore project that AAX (via Sandwell) won the contract for a while back. A $140m expansion project from 2.5mtpa to 12.5mtpa (with another exp. possible later to 23.5mtpa) project that Sandwell completed early study work on and converted to EPCM stage.
At the time when the contract was terminated by RIO (to be sold for debt reduction) Zimi said that it would put a dint in est revenue by about 6% in 09 and 7% in 10.
Now that Vale have bought this asset off RIO, I believe Vale may re-engage AAX to complete the expansion given they have done all the pre work etc.
As I understand AAX is working on the Carborough Downs Coal project in QLD which is a JV project part owned by Vale, so there is some realtionship there.
This could be one contract ready to be 're-inked' in near future.
These are my thoughts, anyone else?
Cheers to all holders,
Spek
Always DYOR
corumba contract
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