Rio Tinto, BHP award $60m worth of contracts to Monadelphous
(Kitco News) - Monadelphous (MDN:ASX) shares jumped as the company won $60 million worth of construction and maintenance contracts with Rio Tinto and BHP across their Australian iron ore, bauxite and nickel projects.
The company won a three-year master services contract with Rio Tinto to execute capital projects across mine sites and port operations in the Pilbara region of Western Australia. This entails structural, mechanical and piping; electrical, instrumentation and controls; and non-process infrastructure projects.
Rio Tinto also contracted Monadelphous for an additional three-year contract at its Gove bauxite operations in the Northern Territory.
As you can see from the daily chart below, shares in the company jumped over 5%. The bulls will need to take out the consolidation high at 13.34 per share to keep this impressive bull run moving. The good news is it seems to have the backing of the market as the volume is increasing nicely.