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Weir Group shares pump higher as it secures biggest ever order worth £100mln

Weir is supplying crushing and pump equipment to a big magnetite iron ore project in Australia

Weir Group -

Mining engineer Weir Group PLC (LON:WEIR) has landed its biggest ever individual order worth £100mln.

Under the terms of the deal, Weir will provide a range of its crushing and pump equipment to the Iron Bridge magnetite iron ore project in Australia.

READ: Weir Group slides after tough first half

FTSE 250-listed Weir said its technology would help Fortescue Metals and Formosa Steel – the two firms behind Iron Bridge – cut energy consumption and wet tailings waste by more than 30% at the US$2.6bn project.

Once fully operational, Iron Bridge will produce 22mln wet metric tonnes every year, and delivery of the first ore is expected in 2022.

“We are delighted to have secured this landmark contract, which is Weir's largest-ever individual mining order,” said chief executive Jon Stanton.

“Fortescue challenged us to help create one of the most energy and cost-efficient magnetite ore processing facilities in the world. Our engineers have worked relentlessly to design a solution that is truly innovative - delivering significant energy, water and cost savings.”

Weir shares rose 1.4% to 1,506p at the opening bell on Friday.

Quick facts: Weir Group

Price: 1425.5 GBX

LSE:WEIR
Market: LSE
Market Cap: £3.7 billion
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