Weir Group wins £53m Pakistan copper mining tech contract from Barrick Energy Mining specialist Weir Group has won a £53m contract for the Reko Diq copper-gold project, a 50 per cent owned greenfield development by Barrick. Located in Pakistan’s province of Balochistan, the copper project is targeting first production in 2028 with an estimated mine life of over 40 years. During the first phase of the project, [...]
Engineering group Weir sees bright future for mining as 2024 orders tick up Mining Weir Group said it is on track to reduce company costs by £60m and grow operating margin to 20 per cent by 2026.
Weir Group: Mining tech giant buffs lagging sector with strong returns Mining The group's positive showing amidst a downturn in the mining sector
Weir Group names Barbara Jeremiah new chair September 3, 2021 Weir Group has this morning announced that Barbara Jeremiah will take over as the FTSE 100 firm’s chairman after next year’s AGM. Jeremiah, who spent 30 years at global aluminium giant Alcoa, will replace Charles Berry at the completion of his full nine-year tenure. Under his leadership the Scottish firm made its long-expected exit from [...]
Weir Group reinstates dividend after ‘strong’ first half performance July 29, 2021 Weir Group has this morning reinstated its dividend after what the engineering group hailed as a “strong performance” over the first half of the year. The FTSE 100 firm said that it would pay out a dividend of 11.5p per share for the period, having cancelled such returns due to the pandemic. The announcement came [...]
Mining sector needs $1.7 trillion investment for decarbonisation May 10, 2021 Mining companies need to invest an eyewatering $1.7 trillion over the next 15 years to stick to Paris Agreement commitments, according to consultancy Wood Mackenzie. The decarbonisation investment figure comes as UK mining group Weir released a report today which found that the mining industry uses around 3.5 per cent of global energy. “Mining needs [...]
Weir inks £36m Ferrexpo deal as profit stays on track April 29, 2021 Engineering firm Weir Group this morning said it had won a £36m contract to provide energy saving solutions to iron ore firm Ferrexpo. The contract win came as the FTSE 100 firm said that it was on track to deliver profit in line with market expectations this year. The deal with Swiss firm Ferrexpo will [...]
FTSE reshuffle: Who’s in and who’s out of London’s blue-chip index? March 3, 2021 FTSE reshuffle: Who's in and who's now out of London's blue-chip index?
Weir Group revenues stable after pivot away from oil and gas March 2, 2021 Engineers Weir Group today said that its revenues had fallen just one per cent in 2020, a year in which the firm made the switch away from oil and gas. The company said that revenue was £1.96bn in 2020, marginally lower than the £2.05bn posted the year before. It said that its adjusted operating profit [...]
Weir Group sheds oil and gas division in $405m Caterpillar deal October 5, 2020 Weir Group this morning announced that it would sell its oil and gas division to construction firm Caterpillar for $405m (£314m). Shares in the company jumped 15.6 per cent as markets opened as traders cheered the deal. The FTSE 250 company has been mulling the sale of the division for about six months as it [...]