Giving you all the latest in Stock Market Information as it happens...


Downer signed $ 3b with Fortescue

Engineer Downer EDI Ltd has a six-year contract worth $ 3 billion to the mining services Fortescue metals group's Christmas-Creek project in Pilbara region of Western Australia's won.

Downer Chief Executive grant Fenn said that "one of the largest mining services of its kind in Australia contracts" would create more than 650 jobs.

"It contains a rise and case mechanism which recognizes costs, how to modify and appropriately compensated", Mr. Fenn said in a statement on Thursday.

"Preparatory mining works starts shortly, with overburden mining in October 2010 followed by first ore in November 2010."

Downer said it would offer design, manufacture, installation and maintenance of infrastructure, drilling and blast last and haul of waste rock and ore, and would manage the mining activities.

The company said it his had set the goal of 20 percent of the workforce of the project indigenous.

Capital expenditures were $ 235 million over three years Downer said that would be financed by cash flow, new loans and operating leases.

"Downer has abundant financing capacities for the Fortescue Christmas Creek Treaty, announced today, and the BHP Billiton Mitsubishi Alliance (BMA) contracts Goonyella and Norwich Park mines on 28 July 2010 announced", Mr. Fenn said.

"We stay within our leverage scope from 25 percent to 35 percent and increase equity Downer has no current intention."

Downer shares closed up 15 cents or 3.16 percent, at $ 4.90 Thursday from.