METS

SRG Indigenous JV wins Iron Bridge work

Bugarrba alliance to supply FMG magnetite mine scaffold services for next five years 

 The Bugarrba JV was formed to provide meaningful and sustainable employment opportunities for the Njamal people

The Bugarrba JV was formed to provide meaningful and sustainable employment opportunities for the Njamal people

The engineering and asset maintenance firm's 49%-owned Bugarrba JV is shared 51% with the Njamal people, the traditional owners of over 42,000sq.km of the Pilbara, including the land that hosts Iron Bridge.
 
Bugarrba will provide engineered scaffold services for maintenance and shutdown purposes from early 2023.
 
Iron Bridge has an estimated capital cost of US$3.6-3.8 billion.
 
First production is expected in the March 2023 quarter.
 
The mine is expected to produce 22 million tonnes per annum of high-grade 67% iron magnetite concentrate.
 
The work for the FMG-led development follows SRG winning contracts worth about A$80 million to support Alcoa's Wagerup, Kemerton, and Pinjarra alumina refineries and Albemarle's newly commissioned lithium refinery last month.
 
Shares in SRG were last traded at 66c, valuing it at $296 million.
 
The stock has traded at 42-74.5c over the past year.

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