Fluor Wins Another Gold Project - Analyst Blog
February 20 2013 - 8:00AM
Zacks
Fluor Corporation
(FLR) recently received a series of follow–on contracts from
Toronto-based Barrick Gold Corp. The contracts are for the
Pascua-Lama mining project located on the Argentina/Chile border.
A contract win of a gold project is one of these and its
value is still undisclosed. The deal is included in the fourth
quarter of 2012 backlog of Fluor.
As per the deal, Fluor will be
responsible for the overall project management and construction
management for the Pascua location on the Chile side of the site.
The company will also take charge of construction management and
construction of the Lama location on the Argentina side in a 50/50
joint venture with Argentinian contractor Techint. Among all the
mining projects throughout the world Pascua-Lama project is said to
be one of the most important and difficult.
The Pascua-Lama mine site spans
across a region called Cordilera, on the border of Argentina and
Chile, at an altitude of 3,800 to 5,200 meters on the Andes
Mountains. When completed the mine is expected to produce an
average of 800,000 - 850,000 ounces of gold and 35 million ounces
of silver in its first full five years of operation.
The company recently completed the
Pueblo Viejo project of Barrick Gold in the Dominican Republic
successfully. The project involved a new processing facility for
one of the largest undeveloped gold resources in the world and had
the largest foreign investment in the nation’s history. It hopes to
maintain a cordial relation with Barrick Gold and is confident of
winning more such projects in the future. Fluor has the reputation
of handling difficult mining projects.
Fluor serves a diverse set of
industries worldwide, including oil and gas, chemical and
petrochemicals, transportation, mining and metals, power, life
sciences and manufacturing. It is also a primary service provider
to the U.S. federal government.
Fluor currently has a Zacks Rank #3
(Hold) while some of its competitors such as Jacobs
Engineering Group (JEC), Tyco International
Ltd. (TYC), Clean Energy Fuels Corp.
(CLNE) carry a Zacks Rank #2 (Buy).
CLEAN EGY FUELS (CLNE): Free Stock Analysis Report
FLUOR CORP-NEW (FLR): Free Stock Analysis Report
JACOBS ENGIN GR (JEC): Free Stock Analysis Report
TYCO INTL LTD (TYC): Free Stock Analysis Report
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