Parsons Continues Long-Term Remediation of Canada’s Giant Mine
Parsons Corporation (NYSE: PSN) has announced an amendment to its contract as the Main Construction Manager for the Giant Mine Remediation Project in Yellowknife, Canada. This contract extension, effective February 2, 2023, involves continued construction management until the project's completion, which is expected to take 15 years and cost approximately $4.38 billion CAD. Since 2013, Parsons has played a crucial role in this significant environmental remediation initiative. The company aims to protect human health and restore the environment while maximizing socio-economic benefits for local Indigenous communities.
- Contract extension for the Giant Mine Remediation Project enhances future revenue prospects.
- Total project estimated cost of $4.38 billion CAD indicates substantial long-term business opportunity.
- Duration of the project (15 years) may delay revenue realization.
- Project complexity and scale could lead to unforeseen challenges and cost overruns.
CENTREVILLE, Va., Feb. 08, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company’s contract as the Main Construction Manager of the Giant Mine Remediation Project has been amended and will continue providing construction management services until the completion of the remediation at the former gold mine in Yellowknife, Northwest Territories, Canada. Term two of the contract, awarded by Public Services and Procurement Canada, on behalf of Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC), is effective as of February 2, 2023. The implementation of the Giant Mine Remediation Project is estimated to take 15 years and will cost approximately
Parsons first supported remediation efforts at Giant Mine site – one of the Canadian government’s largest environmental remediation projects – in 2013, deconstructing the roaster complex, with local Indigenous involvement. Serving as an interim construction manager, from 2015 to 2017, and the construction manager since 2017, Parsons oversaw remediation milestones including construction of an on-site non-hazardous waste landfill and operation of the landfill receiving waste; continued stabilization of the underground; construction of a freeze pad, including rock blasting; and hazardous waste removal from buildings and deconstruction of buildings.
“We are proud to continue helping CIRNAC meet the environmental stewardship challenges faced by the Giant Mine Remediation Project,” said Joe Cudney, senior vice president, Energy and Environment market for Parsons. “Our team has been on-site in Yellowknife for many years and understands first-hand the challenges and constraints at hand. We are eager to further the existing work of protecting human health and safety, restoring the environment, and maximizing the socio-economic benefits within the local Indigenous communities and Yellowknife.”
With this amendment, Parsons will continue to serve as the main construction manager, providing construction management during implementation of the long-term reclamation plan.
Parsons is a global leader in critical infrastructure excellence, with a focus on environmental sustainability and more than 75 years of experience in providing solutions and services to the mining industry, including project and construction management; care and maintenance; dam safety management; mine water treatment; and reclamation, landform, and habitat restoration. The company is currently managing two of Canada’s largest mine closure and reclamation projects, including Giant Mine and the Faro Mine Remediation Project in Faro, Yukon, Canada, along with environmental remediation programs around the world.
To learn more about Parsons’ environmental remediation expertise, visit Parsons.com/environmental/.
To learn more about Parsons’ management of the Giant Mine Remediation Project, visit https://giantminerp.ca/.
About Parsons
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure solutions. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.
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Media Contact:
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@Parsons.com
Investor Relations Contact:
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