Forge Group Limited (FGE) will go ex dividend on 6/9/2010. The current dividend payment is 5 cents and it is 100% franked. The record date is 10/9/2010 and the dividend will be paid on 24/9/2010. Based on the full year payment the dividend yield is 2.1%.
*Current Yield: 1.5% Franking: 100% DRP Discount: Not Available
*Yield has been calculated on the closing price on the 19/8/2010. Current yield is based on the current dividend payment only.
Forge’s (FGE) wholly owned subsidiaries, Abesque Engineering Ltd (ADU) and Cimeco Pty Ltd are pleased to announce the following award of contracts.
Lynas Corporation Limited (LYC) today announced that it has issued a letter of award to Abesque Engineering Ltd (ADU) for a lump sum contract to complete engineering, design and construction of their Mount Weld Concentration Plant. The $36.2m contract will replace the existing separate engineering and construction works contracts with Abesque for the Mount Weld Concentration Plant which was suspended in early 2009, pending project refinancing. The definitive lump sum contract is now being prepared for execution, based on the letter of award that has been executed by Lynas and Abesque.
Lynas’ Executive Chairman, Nicholas Curtis, stated “We are very pleased to have entered a new phase of our relationship with Abesque for delivery of the Mount Weld Concentration Plant. The move to a lump sum contract recognises the strength of the relationship between Lynas and Abesque, and the quality of the work completed to date. The lump sum contract provides for completion of the Mount Weld Concentration Plant on time and within budget, which is excellent news for Lynas.”
On the 3rd March 2010 Adamus Resources Limited Ghana provided a Notice of Intention to Award a contract to Cimeco Pty Ltd for the field erected tanks for their Nzema Gold Operations in Ghana, West Africa. Having just successfully completed construction works associated with the upgrade of the Chirano Gold Mine in Ghana for Redback Mining, the new contract award by Adamus to Cimeco is very timely, allowing the company to mobilise construction equipment to the Nzema site for immediate commencement of works. The contract value is $3.65m. The company advises that it has been invited to submit tenders for further construction works at Nzema including structural, mechanical and piping packages.
Forge Group Limited (FGE) will go ex dividend on 15/3/2010. The current dividend payment is 2 cents and it is 100% franked. The record date is 19/3/2010 and the dividend will be paid on 31/3/2010. Based on the full year payment the dividend yield is 2.3%.
*Current Yield: 0.9% Franking: 100% DRP Discount: Not Available
*Yield has been calculated on the closing price on the 26/2/2010. Current yield is based on the current dividend payment only.
MCC Mining (WA) Pty Ltd has confirmed by way of Letter of Intent that it intends to award Forge (FGE) subsidiary, Cimeco Pty Ltd, a contract for onsite concrete placement and structural steel installation for the Work Filter Building Area at its Sino Iron Ore Project. CITIC Pacific’s Sino Iron project is a world class, magnetite iron ore project located at Cape Preston, 100km south west of Karratha in Western Australia’s Pilbara region. It is the largest planned magnetite project in Australia.
The scope of works for Cimeco is to install approximately 11,500 cubic metres of concrete and erect approximately 7,300 tonnes of structural steel. The contract will be the biggest project by value undertaken to date by the company and will be a catalyst for large item construction plant and equipment purchases commensurate with Cimeco’s objective of becoming a Tier 1 contractor to the resource sector.
Additionally, Cimeco has been awarded a contract for the provision of onsite concrete services to the Southern Seawater Joint Venture desalination plant. The desalination plant will be situated on Taranto Road, between Binningup and Mylaup, and water from the plant will be fed into the Integrated Water Supply Scheme near Harvey, approximately 30 kilometres inland. The plant will produce 50 billion litres (gigalitres) of drinking water annually with a capacity to expand to 100 gigalitres per year.
Upon execution of both contracts the combined value of the two projects will be approximately $60m and works will commence immediately. Forge announced last Friday the award of a second mechanical contract valued at $12m for Chevron’s Gorgon project bringing the total of work won on the project to $22m. The forward order book of Forge Group Ltd (effective from 1st July 2009) now stands at approximately $250m.
Forge Group’s (FGE) subsidiary Cimeco is pleased to advise of the award of contracts with a combined value of approximately $46m.
The Chevron Gorgon LNG Project will consist of three LNG trains producing 5 million tonnes per annum (5 mtpa) each. The Gorgon Project is one of Australia’s single biggest developments with an estimated reserve of 40 trillion cubic feet of gas and a nominal development life of 60 years. Cimeco has been awarded a procurement order for design, supply and construction of 16 storage tanks compliant to API 650. The contract will commence in July 2009 and will be completed by March 2010. The contract is valued at $10m.
The second project is for a number of schools in the greater Narrogin Region. The contract consists of the construction of 1 or 2 new buildings to 12 existing schools. The buildings vary in size and structure depending on the requirements of each individual school. The contract will commence in October 2009 and will be completed by December 2010. The contract is valued at $18m.
Cimeco has been awarded an additional contract for the supply of labour and equipment to provide materials handling and warehouse services in relation to free issued material and equipment supplied to all contractors working on the E&G project. The contract will commence in August 2009 and will be completed by December 2011. It is valued at $10m.
Cimeco has been awarded an additional contract for the installation of the eastern boundary package rack including structural steel erection, piping, valves, insulation, cladding and NDT. The contract will commence in October 2009 and will be completed by March 2010. It is valued at $3.3m.
Forge Group Limited (FGE) will go ex dividend on 7/9/2009. The current dividend payment is 3 cents and it is 100% franked. The record date is 11/9/2009 and the dividend will be paid on 25/9/2009. Based on the full year payment the dividend yield is 3.0%.
Current Yield: 3.0% Franking: 100% DRP Discount: Not Available
*Yield has been calculated on the closing price on the 4/9/2009. Current yield is based on the current dividend payment only.
Forge Group Ltd (FGE) has been award contracts with a combined value of approximately $100m to its wholly owned subsidiaries Cimeco Pty Ltd and Webb Construction (West Africa) Ltd. This is in addition to the award of contracts totaling $50m to our engineering and construction divisions, announced in September 2008.
The award of the three contracts listed below is of particular importance given the size, nature of work and profile of the projects. The three projects are the
Forge’s forward order book continues tosupport previously announced earnings and revenue guidance for the year ended June 2009. Furthermore, given the contract completion dates of the Pipeline and Pluto projects above, Forge remains confident of entering the 2009/10 financial year with a strong order base that will underwrite future earnings and revenue.
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