Figure
WorleyParsons is pleased to announce the completion of the Engineering, Procurement and Construction Management (“EPCM”) Agreement with Moly Mines Limited for the construction of the 20 million tonne per annum Spinifex Ridge Molybdenum Project (the “Project”) processing facilities.
The EPCM Agreement formalizes the delivery structure and contracting approach for the Project and is another important milestone in the Project’s development.
The EPCM Agreement includes an incentive based compensation scheme that will reward WorleyParsons for meeting key project milestones through to the Projects scheduled Practical Completion. The milestones are based on performance in key areas including safety, scheduling, commitments, budget and cost.
The estimated value of the reimbursable contract will be approximately AUD$100m and is based on the Project proceeding as planned, including Moly Mines finalising its permanent project finance.
WorleyParsons’ association with the Project extends back to the initial pre-feasibility study work that commenced in 2005.
