) recently received a series of follow-on contracts from
Toronto-based Barrick Gold Corp. The contracts are for the
Pascua-Lama mining project located on the Argentina/Chile border.
A contract win of a gold project is one of these and its
value is still undisclosed. The deal is included in the fourth
quarter of 2012 backlog of Fluor.
As per the deal, Fluor will be responsible for the overall
project management and construction management for the Pascua
location on the Chile side of the site. The company will also
take charge of construction management and construction of the
Lama location on the Argentina side in a 50/50 joint venture with
Argentinian contractor Techint. Among all the mining projects
throughout the world Pascua-Lama project is said to be one of the
most important and difficult.
The Pascua-Lama mine site spans across a region called
Cordilera, on the border of Argentina and Chile, at an altitude
of 3,800 to 5,200 meters on the Andes Mountains. When completed
the mine is expected to produce an average of 800,000 - 850,000
ounces of gold and 35 million ounces of silver in its first full
five years of operation.
The company recently completed the Pueblo Viejo project of
Barrick Gold in the Dominican Republic successfully. The project
involved a new processing facility for one of the largest
undeveloped gold resources in the world and had the largest
foreign investment in the nation's history. It hopes to maintain
a cordial relation with Barrick Gold and is confident of winning
more such projects in the future. Fluor has the reputation of
handling difficult mining projects.
Fluor serves a diverse set of industries worldwide, including
oil and gas, chemical and petrochemicals, transportation, mining
and metals, power, life sciences and manufacturing. It is also a
primary service provider to the U.S. federal government.
Fluor currently has a Zacks Rank #3 (Hold) while some of its
competitors such as
Jacobs Engineering Group
Tyco International Ltd.
Clean Energy Fuels Corp.
) carry a Zacks Rank #2 (Buy).
CLEAN EGY FUELS (CLNE): Free Stock Analysis
FLUOR CORP-NEW (FLR): Free Stock Analysis
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