StockNews.AI
FLR
StockNews.AI
200 days

Fluor Joint Venture Awarded Engineering, Procurement and Construction Management Services Contract for BHP's Olympic Dam Smelter & Refinery Expansion Project in South Australia

1. Fluor and Hatch secured a contract for BHP's Olympic Dam project. 2. The project is expected to increase refined copper production significantly. 3. Expansion is anticipated to reach over 500,000 tonnes by early 2030s. 4. Contract value will be recognized in Q4 2024; phased execution planned. 5. BHP's final investment decision is projected for the first half of 2027.

Mass Contract
-2.22%Current Return
VS
-0.67%S&P 500
$48.2101/31 04:16 PM EDTEvent Start
$47.1402/03 04:40 PM EDTLatest Updated
4m saved
Insight
Article

FAQ

Why Bullish?

The contract signals growth in Fluor's order book, similar to past successful projects.

How important is it?

The partnership with BHP enhances Fluor's market position and offers substantial future revenue.

Why Long Term?

Production increases will take years, aligning with Fluor's long-term strategies.

Related Companies

BHPHatch
January 31, 2025 04:14 PM Eastern Standard Time IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that its Mining & Metals business was awarded a joint venture contract with Hatch to perform engineering, procurement and construction management (EPCM) for BHP’s proposed Olympic Dam Smelter & Refinery Expansion Project in South Australia, which remains subject to Final Investment Decision by BHP. Fluor will recognize its undisclosed portion of the contract value in the fourth quarter of 2024. “We are excited to support BHP on their growth plans to increase production of refined copper cathode in South Australia,” said Harish Jammula, President of Fluor’s Mining & Metals business. “Accelerated expansion of the downstream processing sector is increasingly important to secure local supply of mined materials, become independent of overseas supply and drive sustainable production technologies.” The contract will be executed in stages as BHP progresses towards a final investment decision on the smelter and refinery expansion, currently expected in the first half of 2027, and through to subsequent construction. This phased strategy aims to support BHP’s assessment of the pathway to increase production in South Australia to more than 500,000 tonnes of refined copper cathode by the early 2030s, and a strategy to deliver up to 650,000 tonnes of refined copper cathode from the mid-2030s. About Fluor Corporation Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 34,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2023 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube. #m&m

Related News