TORONTO, April 17, 2015 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that it has been awarded two contracts valued at approximately $110 million for work in Aecon's Mining segment.
Aecon has been awarded a contract by K+S Potash Canada for additional work on their Legacy mining project in Saskatchewan. The scope of work awarded includes installation of process mechanical equipment, piping, electrical and instrumentation systems for the storage load-out building. Work will begin in the second quarter of 2015 and is expected to be complete in the second quarter of 2016. This new contract is in addition to work previously awarded to Aecon by K+S Potash Canada for mechanical, piping, electrical and instrumentation systems for the North Tank Farm and for the Evaporator, Crystallization and Clarifier Plant portion of the Legacy project.
Under the terms of the second contract, Aecon will perform general site services at Vale Newfoundland & Labrador Limited's Long Harbour processing plant. Work commenced in the first quarter of 2015 and is expected to be complete in the first quarter of 2016.
"Aecon's Mining segment continues to build on its strong backlog of work with these two important contracts," says Teri McKibbon, President and CEO, Aecon Group Inc. "We are pleased to continue our work with K+S Potash Canada and Vale Newfoundland & Labrador Limited – both leaders in their respective industries."
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently 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 events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors. Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws. Forward-looking statements may include, without limitation, statements regarding the operations, business, performance, prospects, strategies and outlook for Aecon. Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aecon Group Inc.
For further information: David Smales, EVP and Chief Financial Officer, Aecon Group Inc., 416-297-2619, [email protected], www.aecon.com