NRW signs framework agreement with Rio

NRW Holdings has signed a framework agreement witzimbabwe gold recovery machineh mining giant Rio Tinto over its Pilbara expansion program, putting the mining contractor in the box seat for millions in revenue from soon to be awarded contracts. NRW said the agreement represented a formalisation of the ongoing long term relationship between the two companies, and placed NRW in a preferred contractor position for two streams of earthworks required by Rio Tinto over the next five years.

"This is the first of a dozen such agreements covering different work streams and sites that Rio Tinto will implement," NRW said in a statement. NRW chief executive Jules Pemberton described the agreement as a landmark achievement for NRW, representing the culmination of years of successful projects for the miner and months of hard work in negotiating the agreement. Rio is looking to expand its Pilbara operations to a capacity of 333mtpa. NRW shares were up five cents, or 1.95 per cent, to $2.61 at 8.50am while Rio shares had gained 98 cents, or 1.27 per cent, to $78.28...