GR Engineering books $75m contract

Ascot-based GR Engineering Services has secured an EPC contract valued at $75.1 million for work at Vault Minerals’ King of the Hills gold project. 

The deal with Greenstone Resources – a fully owned subsidiary of Vault – will result in GR providing a series of services to the project’s dry processing and wet processing plants. 

This will include construction, installation and commissioning for upgrades at both processing sites at King of the Hills, which is located 25km north of Leonora in the Goldfields. 

Vault Minerals was created following a merger between Red 5 and Silver Lake Resources in June last year. 

“Our clients are increasingly seeking certainty and a track record of performance,” managing director Tony Patrizi said.

“GR Engineering has been able to demonstrate this to Vault, including by reference to its proven track record of successfully delivering project outcomes in the Western Australian gold sector.”

GR shares last changed hands at $2.74, down 1 per cent, as of 9.40am AWST. Despite this, the company's price has rallied strongly over the past six months - including reaching a record price of $2.83 last week.