NRW Holdings inks $750m contract with TEC Coal
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The news: Diversified contractor NRW Holdings' wholly owned subsidiary, Golding Contractors, has signed a $750 million mining services agreement with TEC Coal at the Stanwell Meandu Mine in Southern Queensland, effective from January 2026.
Shares fell 1.42% to $5.54 per share at 12:07pm AEDT.
The context: The mining services agreement is a 5.5 year term contract comprised of a six month mobilisation phase followed by a five-year operational phase.
Under the agreement, TEC Coal will supply the major mining fleet, while Golding will manage whole-of-mine operations, including three fleets of heavy mining equipment, the processing plant, statutory responsibilities and mine planning.
NRW said the contract will create employment opportunities for more than 400 people from the local region.
What they said: "The capital light structure of the contract aligns with our strategy of reducing the capital intensity of our contract mining operations and positions the group well to be able to deliver continued value to our shareholders," NRW CEO Jules Pemberton said.
The source: ASX
