May 14 (Bloomberg) -- Leighton Holdings Ltd., Australia's
largest construction company, won a $350 million contract for a
coal mine expansion in Indonesia, the largest exporter of the
fuel used by power stations.
The expansion of PT Mahakam Sumber Jaya's MSJ coal mine will
be completed in April 2013, the Sydney-based company said today
in a statement. Leighton also said its 45 percent owned Middle
Eastern venture, Al Habtoor Leighton Group, won a AED$1.2 billion
($327 million) contract from Mubadala Development Co. to design
and build a university campus in Abu Dhabi.
Chief Executive Officer Wal King is pursuing growth in Asia
and the Middle East to replenish his order book amid concerns a
global slowdown would curb available contracts. Indonesia is
building new mines as prices for the fuel almost doubled in the
past year.
``We have now won over $1 billion in new mining work in
Indonesia over the past 12 months, and we have identified a
number of additional opportunities,'' Leighton International
Managing Director David Savage said in the statement.
Leighton fell 7 cents, or 0.1 percent, to A$49.88 at 10:53
a.m. in Sydney trading. The shares have tumbled 23 percent since
reaching a record high of A$64.50 on Dec. 6.
Leighton has been operating the MSJ coal mine since 2004, it
said. Construction of the Paris Sorbonne University campus will
be complete in August 2010, Leighton said in a separate statement.
Spot prices for power station coal from Australia's
Newcastle port, the largest coal-export outlet in the world's
second-biggest exporter, more than doubled in the year to May 2,
according to McCloskey Group Ltd.
Leighton, a subsidiary of Germany's Hochtief AG, in April
won a A$1 billion order to develop and operate a mine at the
Chitarpur coal project in India's Jharkhand state for 20 years.
In March it won a A$720 million order to build pipelines for Oil
& Natural Gas Corp., India's biggest fuel producer.
source: nasdaq.com
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