This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Foster Wheeler Awarded Study For Iron Ore Mines In Liberia

Foster Wheeler AG (Nasdaq: FWLT) announced today that a subsidiary of its Global Engineering and Construction Group has been awarded a concept study by Western Cluster Limited (WCL) for power plant facilities to serve planned iron ore mines in Liberia.

The Foster Wheeler contract value was not disclosed and will be included in the company’s third-quarter 2013 bookings.

WCL plans to build three iron ore mines in Liberia. The study to be undertaken by Foster Wheeler will investigate various options for greenfield captive power facilities to meet the mines’ expected power demand. The initial power requirement for the first mine to be developed is estimated by WCL to be approximately 70 megawatts (MW), while the full demand will be approximately 300-400 MW. This study will evaluate various power generation technologies and feedstock sources as well as options for the supply of power to multiple operational locations. The study is expected to be completed during the third quarter of 2013.

“This win is in line with our stated aim to build our position in the minerals and metals sector as part of our diversification strategy,” said Dave Lawson, President & Global Leader of Minerals & Metals, Foster Wheeler. “This award demonstrates our ability to leverage our recognized capability in power generation, our project delivery track record and our South African operational presence into the mineral and metals sector in Africa.”

Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, minerals and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Reading, United Kingdom. For more information about Foster Wheeler, please visit our Web site at

Western Cluster Limited (WCL) is a Liberia based subsidiary of Sesa Goa Limited (SGL) of India engaged in developing Liberia’s three iron ore deposits namely the Bea, Bomi and Mano River Mines located in the country’s western region into a large integrated iron ore project. SGL is India’s largest producer and exporter of iron ore in the private sector. For over five decades, it has been involved in iron ore mining, beneficiation and exports. SGL is also a majority-owned subsidiary of Vedanta Resources plc. (Vedanta), the London-based FTSE 100 metals and mining group which operates across the following core business sectors: Zinc-Lead-Silver, Copper, Aluminium, Iron Ore, Oil and Gas and Power, with operations in India, Australia, UAE, Zambia, South Africa, Namibia and Ireland.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs