The relationship between Primero project awards and material gain for NRW is of interest to me. I can see that when Primero wins work here in Australia that this professional services style work can convert into construction revenue for the larger group as NRW has the expertise to deliver the project on a turnkey basis (or similar commercial model). However I do not see the same relationship when Primero wins work in say the US or Canada as NRW has zero capability in these markets. The question begs will Primero deliver lithium plants in these jurisdictions on a lump sum basis to provide material revenue to NRW albeit at a much higher level of risk as Primero will need to sub-contract to local construction groups? If Primero decides (due to risk) to limit delivery to EPCM style contracts then it’s a much more acceptable risk profile but limited margin contribution to NRW. Therefore my question is, how material will our position in lithium actually be? Perhaps the lack of announcements gives us the answer…we win a lot of work but not material enough for an ASX announcement? Awaiting comments with interest.
P.S. I get that studies are not material, but it could be that project wins overseas will also not be material either?
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