China's CACS Corporation wins Spinifex Ridge contract
Chinese engineering firm CACS Corporation has been awarded Moly Mines’ Spinifex Ridge engineering, procurement and construction (EPC) contract.
CACS Corporation has announced its appointment of Australia’s GR Engineering as its subcontractor for the lump sum EPC project, which is estimated to have a final cost of $608 million, bolstering GR Engineering’s revenue to $360 million over the thirty-month period.
GR Engineering has announced that it will be responsible for the design, construction and construction management of the Spinifex Ridge molybdenum/copper processing plant, which is expected to produce ten million tonne a year.
Moly Mines and its largest single investor Hanlong Mining Investment will continue to finalize the US$500 million agreement in secured finance and capital investment that have been pledged by China Development Bank for the project