Primary Energy Recycling Hits Yr High on Power Deal with ArcelorMittal in Indiana
Primary Energy Recycling Corp (PRI.TO) is up 12% this morning, gaining $0.16 to a year high $1.48 a share after saying late yesterday it finalized a long-term contract with ArcelorMittal USA for energy services from Primary's North Lake Energy facility in northwestern Indiana near Chicago.
The pact is expected to last at least 309 years and calls for Primary to boost capacity from the heat capture plant to 9 megawatts.
Cost of the project is expected to be between $10 to $12 million. The initial phase of the project wrapped in March, with anticipated conclusion in mid-2012.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.