GR Engineering Awarded EPC Contract for Cosmic Boy

Key points

• Medallion Metals awarded $50M EPC contract to GR Engineering
• Contract involves converting Cosmic Boy Concentrator to standalone facility
• Expected to produce copper concentrate and gold doré from Ravensthorpe Gold Project

Full summary

Medallion Metals Limited (ASX:MM8) announced the execution of an Engineering, Procurement, and Construction (EPC) contract with GR Engineering Services Limited (ASX:GNG) for the conversion of the existing Cosmic Boy Concentrator (CBC) into a standalone facility capable of producing copper concentrate and gold doré. The $50 million EPC contract replaces the previous $7.6 million Early Works Agreement, facilitating front-end engineering and design, procurement of long-lead items, and site readiness activities. The contract covers the remaining engineering, procurement, construction, and commissioning activities for CBC, aligning with the feasibility study estimate of $49 million. Site earthworks are complete, and concrete pouring is set to commence in early September. The Managing Director, Paul Bennett, expressed satisfaction with the contract execution, highlighting the logical partnership and the extension of the long-standing relationship between the two organizations.