Parsons Continues Giant Mine Project With Contract Amendment

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) announced a contract amendment worth 94 million CAD ($75 million USD) for Giant Mine projects in Northwest Territories, Canada. This amendment extends Parsons' role as the Main Construction Manager for the mine's remediation efforts. The contract focuses on a thermosyphon-based process to freeze arsenic trioxide waste, along with constructing a landfill and deconstructing the townsite. Parsons has been involved in managing 237 thousand tonnes of arsenic waste since 2017.

Positive

• Contract amendment of $75 million USD increases financial backing for the Giant Mine project.
• Parsons continues its role as Main Construction Manager, indicating client trust and ongoing revenue.
• Project includes advanced methods for environmental safety, addressing arsenic waste, enhancing corporate reputation.

Negative

• None.

CENTREVILLE, Va., April 15, 2021 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) announced today that the company's contract has been amended by 94 million CAD ($75 million USD) to manage new work at the Giant Mine in the Northwest Territories, Canada. As part of the amendment, Public Services and Procurement Canada, on behalf of Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC), has extended Parsons' contract to continue as the Main Construction Manager for remediation efforts of the former gold mine.

"We are proud to continue leveraging our decades of mine closure and reclamation experience in support of CIRNAC's efforts to improve the safety, health and prosperity of the community around Giant Mine," said Jon Moretta, executive vice president, industrial, for Parsons.

Parsons has supported CIRNAC in containing and managing 237 thousand tonnes of arsenic trioxide waste stored underground to protect human and environmental health and safety at Giant Mine since 2017 -- in addition to safely deconstructing the roaster complex from 2013 to 2016. The amended contract will advance elements of the project scope – one of the Canadian government's largest environmental remediation projects – to include freeze pad construction for the highly innovative thermosyphon-based process that will freeze the arsenic trioxide waste in place at the mine, as well as construction of a non-hazardous waste landfill, townsite deconstruction, and underground backfill.

To learn more about Parsons' critical infrastructure expertise, visit Parsons.com/markets/critical-infrastructure/.  

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we're making an impact.

Media Contact:                                                       
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@Parsons.com 

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
Dave.Spille@parsons.com

 

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SOURCE Parsons Corporation

FAQ

What is the significance of Parsons Corporation's contract amendment for PSN?

Parsons Corporation's contract amendment of $75 million USD for the Giant Mine project signifies increased financial support and continued involvement in a major environmental remediation effort.

How much is the contract amendment for Parsons Corporation related to the Giant Mine?

The contract amendment for Parsons Corporation is worth 94 million CAD, equivalent to 75 million USD.

What type of work will Parsons Corporation be doing at the Giant Mine?

Parsons Corporation will oversee remediation efforts, including a thermosyphon-based process to freeze arsenic waste and construction of a non-hazardous waste landfill.

When was Parsons Corporation's contract for Giant Mine extended?

The contract for Parsons Corporation at the Giant Mine was amended on April 15, 2021.