https://www.miningweekly.com
Business|Environment|Mining|Services
Business|Environment|Mining|Services
business|environment|mining|services

Downer pauses mining division sale

Downer pauses mining division sale

Photo by Bloomberg

16th March 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Downer EDI has suspended the review of its mining business, owing to the market volatility caused by the coronavirus pandemic.

“As we said when we announced the portfolio review, Downer’s mining business is a leader in Australia with a proven track record and it is well positioned to build on its strong market position and pipeline of work,” said Downer CEO Grant Fenn on Monday.

Fellow-listed Perenti, which had previously confirmed that it was considering a potential acquisition of Downer’s mining services division for up to A$700-million, on Monday said it continued to believe that the potential acquisition had strategic merit; however, it considered that structuring and funding a transaction in the current market environment would not be in the best interest of shareholders.

“We will maintain a watching brief on the situation and do not rule out re-engaging with Downer if market conditions improve,” Perenti group MD Mark Norwell said.

“It is important we maintain discipline around our growth strategy. Creating value for our shareholders is always at the forefront of our thinking and will continue to be as we execute against the initiatives detailed in our 2025 Group strategy.”

Edited by Creamer Media Reporter

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.173 0.211s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: