Bellevue’s golden boost
05 Jul 2023 - Bellevue Gold (ASX:BGL) has entered into a toll treating agreement with a subsidiary of Genesis Minerals (ASX:GMD).
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NRW is a leading provider of diversified services across the Australian mining, energy, civil infrastructure and urban development sectors, with extensive operations in Western Australia, Queensland, South Australia, New South Wales, and Victoria.
NRW’s geographical diversification is complemented by its delivery of a wide range of operations. These encompass civil expertise including bulk earthworks and concrete installation; contract mining and drill and blast. NRW also offers a leading original equipment manufacturing (OEM), specialist maintenance (shutdown services and onsite maintenance), industrial engineering and innovative materials handling design capability with comprehensive additional experience for refurbishment and rebuild service for earthmoving equipment and machinery.
05 Jul 2023 - Bellevue Gold (ASX:BGL) has entered into a toll treating agreement with a subsidiary of Genesis Minerals (ASX:GMD).
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Target is raised to $2.15 from $2.10 and an Outperform rating is maintained.
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UBS transfers coverage to another analyst, retaining a Buy rating and reducing the target to $2.37 from $3.00.
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The analyst maintains the Outperform rating and $2.10 target price.
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Shares in mining services firm, NRW Holdings Limited share price ended up nearly 33% yesterday after a surprisingly positive trading update for the 10 months to the end of April, thanks in part to the BGC Contracting takeover in 2019.
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BGC Contracting is highly complementary to the NRW Holdings maintenance business but, as this is the company's largest acquisition to date, it is not without risks.
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Following a fatal accident at Golding's Baralaba North coal mine, operations have been halted pending investigation. NRW Holdings' Baralaba contract represents some 20% of FY19 mining division earnings and extends to 2021.
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The company has won the contract for Koodaideri. Deutsche Bank believes the win was already factored in and, although the contract size is close to forecasts, at $150m over 80 weeks it is likely to be a disappointment to consensus expectations.
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Not surprisingly, Perth-based mining contractor NRW Holdings (NWH) has joined the ever lengthening queue of companies from the sector reporting that its revenue and earnings have taken a hit or two from the slowdown in mining investment.
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