Montreal – Canadian engineering firm SNC-Lavalin Group Inc. said it won contract to modernize a copper smelting complex in Eastern Serbia worth about $215-million.
The Montreal-based company will provide complete engineering, procurement and construction for an existing copper smelter run by Serbian state-owned miner Rudarsko - Topionicarski Basen Bor Grupa.
The project is part of a larger initiative by the Serbian government to improve environmental conditions and boost economic recovery in the region, SNC said. The World Bank has provided money to the country to correct historical environmental issues.
The contract was signed in June, 2010, but was not effective until now following the closing of financing provided by Export Development Canada. Work on the project has started and is scheduled to be completed in late 2013.
The smelter upgrade will include a new flash furnace, sulphuric acid plant and effluent treatment plant, and an upgrade of key process areas, SNC said. At completion, the new plant will produce 80,000 tonnes per year of copper anode.
Feroz Ashraf, executive vice-president of SNC-Lavalin said the company is aiming to develop other key projects in Serbia and neighbouring countries as it executes a growth stategy in the region.
The contract win comes one week after the Montreal company announced it was buying Itansuca Proyectos de Ingenieria S.A., a Bogota, Colombia engineering firm specializing in energy with a staff of 1,000, as part of a push into Latin America.
SNC shares rose 17¢ to $60.19 on the Toronto Stock Exchange Tuesday morning, near their 52-week high of $60.37.
Read more: http://www.cbc.ca/fp/story/2011/01/18/4125673.html#ixzz1BWdmyJ4E
Wednesday, January 19, 2011
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