Black Iron Inc T.BKI

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[LandCruiser1983]

Engineering group Weir secures £36m Ukraine order

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3 hours ago

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IMAGE COPYRIGHTWEIR GROUP

image captionWeir will supply equipment such as its Enduron high pressure grinding roll

Scottish engineering firm Weir Group has won a £36m order to supply energy-saving technology for an iron ore processing plant in Ukraine.

Under the deal with Ferrexpo, Weir will supply equipment such as high-pressure grinding rolls (HPGRs) and screens.

Swiss-based Ferrexpo is one of the world's largest exporters of iron ore pellets to the steel industry.

According to Weir, its HPGRs cut energy consumption by more than 40%, compared with traditional mining technologies.

The equipment will be designed and built by a Weir subsidiary in the Netherlands.

Ferrexpo is planning to increase output from its operations in Ukraine from 32 million tonnes per year to more than 80 million.

 

Weir Group chief executive Jon Stanton said: "This is a great endorsement from one of the world's leading miners of the key role Weir's technology has in making mining operations more efficient and sustainable."

IMAGE COPYRIGHTFERREXPO

image captionThe equipment will be installed at Ferrexpo's processing plant in Ukraine

Glasgow-based Weir switched its focus to mining and infrastructure after selling its oil and gas division to Caterpillar in a £314m deal last year.

Meanwhile, the group reported strong growth in orders in the first quarter as conditions in mining markets continued to improve on the back of high commodity prices.

In a trading update, it said there was a 67% increase in original equipment (OE) orders.

Weir said demand was strongest in North America, Central Asia and Africa, but more subdued in Asia-Pacific and South America

[DragonOilGuy]

[wallywagon]

Thanks people. DOG, SP guestimate after Offtake News and by Dec 2021 Let us know. Won't hold you to it but respect your opinion Wally

[IvanGubinski]

keep your morale high. Ready to take off tovarish!

[ymas]

If this does indeed turn out to be us, there is a short that is in a pickle right now.  That might explain all the weird orders and some of the price action.  Wally, give Matt a break, I think there's a fund manager that you need to have a word with.  Got pop corn?  GLTA!

[wallywagon]

Ymas, short position on BKI on Apr 15, released April 21 was 291K. PIDDLY amount. Can't see it being an issue. GLTA