NRW Holdings Ltd Secures Golding Contract Wins Worth Up to $195M
NRW subsidiary Golding secures dual contract wins worth up to ~$195 million
NRW Holdings (ASX:NWH) has announced two new contract awards to its wholly owned subsidiary Golding Contractors, together worth up to approximately $195 million. The dual wins span South Australia and Queensland, strengthening the group’s order book as it heads into FY27.
The first contract, a ~$150 million Equipment Hire and Services Agreement at the South Middleback Ranges Mine, runs for a 3-year term commencing July 2026. The second, an Anglo American rail diversion contract in Central Queensland valued at approximately $41 million to $45 million, is due for completion in March 2027.
Two awards across separate states and sectors point to continued order book momentum for the diversified contractor heading into the new financial year.
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South Middleback Ranges, $150 million equipment hire and services agreement
Golding has signed an Equipment Hire and Services Agreement (EHSA) with OneSteel Manufacturing Pty Ltd (Administrators Appointed) at the South Middleback Ranges Mine in South Australia’s Eyre Peninsula. The agreement replaces the current arrangements Golding has worked under since Voluntary Administrators were appointed to OneSteel.
This represents a continuation and formalisation of an existing engagement rather than a first-time client relationship. Under the EHSA, the existing on-site fleet will be supplemented by new equipment to support operational and production needs, supplied on a fully serviced plant hire arrangement. The company has stated that no material capital will be required over the term of the contract.
Key terms of the agreement include:
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Value: ~$150 million over 3 years
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Commences: July 2026
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Approximately 60 people will remain with Golding, with the balance required to continue mining operations transitioning to OneSteel
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Supplied on a fully serviced plant hire arrangement
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No material capital required over the contract term
The award also builds on what CEO Jules Pemberton described as Golding’s 15-year tenure in the Whyalla region.
Golding wins Anglo American rail diversion contract near Moranbah
Golding has been awarded a contract by Anglo American for the construction of a new ~10.8km rail diversion and associated utilities infrastructure near Moranbah in Central Queensland. The award reflects Golding’s track record delivering mining infrastructure projects within the Queensland resources sector.
Key terms of the contract include:
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Value: ~$41 million to $45 million
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Scope: ~10.8km rail diversion plus associated utilities infrastructure
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Completion: March 2027
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Approximately 230 people engaged on the project
Contract awards at a glance
| Contract | Client | Value | Duration / Completion | Workforce |
|---|---|---|---|---|
| South Middleback Ranges EHSA | OneSteel (Administrators Appointed) | ~$150m | 3 years from July 2026 | ~60 retained |
| Anglo American rail diversion | Anglo American | ~$41m–$45m | Complete by March 2027 | ~230 engaged |
What an Equipment Hire and Services Agreement means for investors
An Equipment Hire and Services Agreement, or EHSA, is a contracting model where a provider supplies and maintains equipment on a hire basis rather than selling the machinery outright. Under a fully serviced plant hire arrangement, equipment will be supplied and kept operational over the contract term.
The phrase “no material capital required” carries weight here. It means Golding can generate revenue across the three-year term without committing significant new capital expenditure.
Strengthening the FY27 order book
Both wins bolster NRW’s order book as the company looks toward FY27. The awards add to a diversified service offering that spans resources, infrastructure, civil and mining work, delivered through divisions including Golding Contractors, NRW Civil & Mining and Action Drill & Blast, alongside the group’s MET and EMIT divisions.
NRW operates with a workforce of around 13,000 people supporting more than two hundred projects across Australia, Canada, the United States and New Zealand. The two contracts deepen the group’s presence in South Australia’s Whyalla region while maintaining its exposure to the Queensland resources sector.
NRW’s recent $270M in Pilbara contracts, anchored by a $175M Rio Tinto mining award, followed the same capital-light contracting model, with all three awards commencing in early 2026 and no material capital requirements attached.
CEO Commentary
“I am delighted to announce the award of an Equipment Hire and Services contract at Whyalla in South Australia. This award is reflective of Golding’s continued commitment to the area. The ability to utilise installed capacity to continue our 15-year tenure in the Whyalla region consolidates our presence and provides a base to grow in South Australia. In addition to this, Golding has consistently demonstrated their ability to deliver mining infrastructure projects safely and reliably to the Queensland resources industry, as demonstrated by this new contract with Anglo American. As the company looks to FY27, it is pleasing to see these contract awards further strengthen our order book,” said Jules Pemberton, NRW Chief Executive Officer.
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What comes next
The EHSA at South Middleback Ranges commences in July 2026, while the Anglo American rail diversion project is due for completion in March 2027. Both contracts therefore extend into FY27, providing a defined runway of activity across the two states.
Management has framed the awards as a base for further growth in South Australia and continued work within the Queensland resources sector. With both timelines now disclosed, attention turns to delivery against these milestones as the contracts progress through the new financial year.
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