Shares of Australia-listed NRW Holdings (ASX:NWH) climbed on Tuesday following confirmation that the engineering and mining services group has secured a significant contract from Rio Tinto (ASX:RIO). The award adds to a string of recent project wins for the company.
NRW said the Rio Tinto engagement is a bulk earthworks contract for the West Angelas Sustaining Project in Western Australia, with a contract value of roughly A$175 million. The scope includes creating access to five satellite mining pits and will incorporate haul road construction, a concrete overpass arch and associated infrastructure works.
Market reaction was immediate: NRW shares rose almost 7% to A$5.52 as of 01:02 GMT.
According to the company, activity on the Rio Tinto project is scheduled to commence in early 2026 and continue through 2027. The work is expected to reach a peak headcount of approximately 220 personnel during the programme.
NRW also reported two separate contract awards. Its wholly owned subsidiary, NRW Contracting, was chosen by Main Roads Western Australia for a construct-only contract covering the reconstruction and realignment of Toodyay Road. That contract carries an initial value of A$46 million.
In addition, NRW said it has secured a contract of around A$49 million via a 50:50 joint venture for the Dampier Link Bridge project for Pilbara Ports.
The company emphasised that the civil contracts do not require any material capital outlay.
Related offering
Should you be buying RIO right now? ProPicks AI evaluates RIO alongside thousands of other companies every month using 100+ financial metrics. Using powerful AI to generate stock ideas, it looks beyond popularity to assess fundamentals, momentum and valuation. The AI has no bias - it identifies stocks it assesses as offering favourable risk-reward profiles based on current data, and it highlights notable past winners including Super Micro Computer (+185%) and AppLovin (+157%). For investors curious whether RIO appears in any ProPicks AI strategies or whether there are alternative opportunities in the same sector, further details are available through the service.