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GR ENGINEERING SERVICES LIMITED — Capital/Financing Update 2023
Aug 3, 2023
65003_rns_2023-08-03_33ea4025-2f5a-45bc-bdd0-21b288d9aac2.pdf
Capital/Financing Update
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ASX RELEASE
4 August 2023
For immediate release to the market
EPC Contract – Yangibana Rare Earths Project - Beneficiation Plant
GR Engineering Services Limited (ASX: GNG) (GR Engineering) is pleased to announce that it has been awarded an engineering, procurement and construction (EPC) contract with Yangibana Pty Ltd, a wholly owned subsidiary of Hastings Technology Metals Limited (ASX: HAS) (Hastings), for a beneficiation plant and associated infrastructure for the Yangibana Rare Earths Project (the Project) in Western Australia.
As previously announced on 3 May 2023, GR Engineering had entered into a binding term sheet with Yangibana Pty Ltd for these works.
The contract sum, including the provisional sum, is $210 million as previously disclosed. GR Engineering has commenced early works up to an agreed capped amount. The EPC contract is conditional on GR Engineering being issued with a commencement notice, which is dependent on Hastings finalising funding for the Project as well as a number of other pre-conditions standard for an EPC contract.
Ends.
For further information please contact:
Tony Patrizi
Managing Director +61 8 6272 6000 [email protected]
Omesh Motiwalla
CFO & Company Secretary +61 8 6272 6000
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GR ENGINEERING SERVICES LIMITED ABN 12 121 542 738 Tel: +61 8 6272 6000 Fax: +61 8 6272 6001 Email: [email protected] Website: www.gres.com.au PO Box 258, Belmont WA 6984 71 Daly Street, Ascot WA 6104