M&R’s share price rises after securing a R3.8bn South America contract

Murray & Roberts Holdings. Photo: Supplied

Murray & Roberts Holdings. Photo: Supplied

Published Apr 23, 2024


Murray & Roberts Holdings (M&R) said yesterday that a subsidiary company Terra Nova Technologies (TNT), in joint venture with Ingeniería y Construcción Sigdo Koppers, had been awarded a $200 million (R3.83 billion) engineering, procurement and construction contract with a large copper producer for a mine in South America.

TNT's share in the joint venture was 51%, a statement from M&R said. The scope of work included a primary crushing facility, a 6.3km long overland conveyor, a 23kV power transmission system, and associated infrastructure.

Starting this month, the project was expected to have a duration of 27 months. M&R said the award reinforced TNT's capability to deliver complete EPC material handling systems in Latin America and was a welcome order for the business that had to rebuild its order book since the end of Covid-19, as limited materials handling opportunities came to market during this period.

TNT was acquired by M&R’s Cementation Americas in 2019 and was a strong contributor to group earnings in the year prior to the pandemic.

M&R’s share price gained 4.27% to R1.22 on the JSE yesterday afternoon - a year ago the price was R1.33.