Insituform Technologies Receives Expanded Australian Mining Contract – Total Value of Contract is Now Valued at $21.4 Million
Insituform Technologies, Inc. (Nasdaq: INSU) announced today that United Pipeline Systems, a division of Insituform, has been awarded an additional $10.5 million for the supply and installation of its Tite Liner HDPE solution in pipelines at the Sino Iron Ore project in Western Australia. This contract expands the $10.9 million project for the Sino Iron Ore mine previously announced by Insituform in January 2010. The start date of United Pipeline Systems' work on the original project was delayed until May 2011, when a new prime contractor was retained by the mine owner. In connection with the new prime contractor being hired, United Pipeline Systems' scope of work was increased by an additional $10.5 million.
The large-scale magnetite iron ore project is the first of its kind in Australia and is the largest magnetite mining and processing operation in Australia. The installation of the Tite Liner product at this mine will protect over 36 miles of slurry and process water pipelines. Protecting new slurry and process water pipelines with the Tite Liner® solution significantly extends the life of the pipeline.
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