Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
FLSmidth has won a contract worth approximately USD 35m (DKK 200m) from the Russian mining company JSC Pavlik for the supply of a gold processing plant with a capacity of 3 million tonnes per year of gold ore, to be located in the Tenkinsky district of Magadan in the far eastern part of Russia.
The scope of supply includes a complete gold processing plant, excluding grinding mills. The equipment to be supplied includes crushing, material handling and flotation equipment as well as gravity concentrators, screens, gold leaching and dewatering equipment, pumps and cyclones and gold refining equipment. The contract also includes an electrical and plant automation package.
“The outlook for the gold market is expected to remain positive with continued high demand, and FLSmidth has recently received orders to supply much of the key technologies and services for gold processing plants in North America and Russia. Our One Source approach and local presence were important elements in winning these contracts. Besides, the recent acquisitions of Knelson and Ludowici have brought key gravity gold recovery technology and screening equipment into the FLSmidth portfolio and further enhanced our One Source flow sheet in gold processing,” Group CEO Jørgen Huno Rasmussen comments.
The order will be booked by the Mineral Processing division and contribute beneficially to FLSmidth’s earnings until late 2013.
