~ New process mill brings value of projects announced since September to
over $850 million ~
TORONTO, Nov. 21, 2011 /CNW/ - Aecon Group Inc. (TSX:ARE) announced
today that its Lockerbie and Hole Eastern Division has signed a letter
of intent with the Potash Corporation of Saskatchewan Inc. (PotashCorp)
for a project valued at over $250 million to install the interior of a
new process mill at the PotashCorp mine site near Rocanville,
The scope of work for the project includes the installation of all
utilities and equipment for the new mill, including the process piping,
electrical, mechanical, instrumentation, HVAC, and all processing
equipment in the mill, where potash ore from the nearby mine will be
This project will create approximately 800 jobs at the construction
site. Site preparation is expected to begin in early 2012 and this
portion of the project is scheduled for completion in the fall of 2013,
ready to turn over to PotashCorp for commissioning and startup.
Today's announcement builds on last month's award of a similar project
on a smaller scale at the PCS Picadilly mine in New Brunswick. This
project brings the total value of projects announced by Aecon since
September for a number of clients to over $850 million.
"Our Lockerbie and Hole Eastern division has more than 40 years of
experience installing the complex mine site equipment and systems
needed to operate processing plants like this one," said Teri McKibbon,
Aecon's Chief Operating Officer. "People around the world rely on
Canada and PCS to mine and process potash. We are extremely proud to
be part of an industry that helps put this country on the world stage."
Aecon Group Inc. is one of Canada's largest and most diverse
construction and infrastructure development companies, providing
services to private and public sector clients from coast to coast.
Aecon is pleased to be recognized as one of the Best Employers in Canada.
The information in this press release includes certain forward-looking
statements. These "forward-looking" statements are based on currently
available competitive, financial and economic data and operating plans
but are subject to risks and uncertainties. In addition to general
global events outside Aecon's control, there are factors which could
cause actual results, performance or achievements to vary from those
expressed or inferred herein including risks associated with an
investment in the common shares of Aecon and the risks related to
Aecon's business, including Large Project Risk and Contractual Factors.
Risk factors are discussed in greater detail in the section on "Risk
Factors" in the Annual Information Form filed on March 30, 2011 and
available at www.sedar.com. Forward-looking statements include
information concerning possible or assumed future results of operations
or financial position of Aecon, as well as statements preceded by,
followed by, or that include the words "believes," "expects,"
"anticipates," "estimates," "projects," "intends," "should" or similar
expressions. Important factors, in addition to those discussed in this
document, could affect the future results of Aecon and could cause
those results to differ materially from those expressed in any
SOURCE Aecon Group Inc.
For further information:
Senior Vice President,
Aecon Group Inc.