NRW Holdings has announced two significant contract awards to its Golding Contractors subsidiary, with combined values of approximately $190 million to $195 million, signaling continued strength in the company’s order book as it heads into the 2027 financial year. The awards encompass an equipment hire and services agreement in South Australia and a major infrastructure construction project in Queensland, demonstrating the group’s continued relevance across multiple mining and resources sectors.
The first contract is a three-year equipment hire and services agreement (EHSA) with OneSteel Manufacturing at the South Middleback Ranges Mine on South Australia’s Eyre Peninsula. Valued at approximately $150 million and commencing in July 2026, this agreement represents a renewal of Golding’s existing relationship with OneSteel following the latter’s entry into voluntary administration. The contract will maintain approximately 60 employees with Golding while the remainder of the mining workforce will transfer to OneSteel. Importantly, the agreement requires no material capital investment from Golding, relying instead on supplementing the existing fleet with new equipment provided through a fully serviced plant hire arrangement. This capital-light structure helps preserve cash flow while maintaining a revenue-generating presence at a site where Golding has operated for 15 years.
The second award comes from Anglo American, which has engaged Golding for the construction of a new rail diversion measuring approximately 10.8 kilometres, along with associated utilities infrastructure near Moranbah in Central Queensland. Valued between $41 million and $45 million, the project is scheduled for completion in March 2027 and will employ around 230 people. This contract demonstrates Golding’s capabilities in complex infrastructure construction for the Queensland resources sector and adds further geographic diversification to the group’s revenue streams.
From an investor perspective, these awards are significant for several reasons. The combined contract value of roughly $190 million to $195 million provides meaningful revenue visibility through to at least mid-2027, supporting forward guidance and cash generation. The OneSteel agreement, despite the regulatory complications of dealing with an administered entity, secures a long-standing relationship and validates Golding’s capabilities in equipment hire and mining services. The Anglo American contract, meanwhile, showcases the group’s project execution capabilities in the competitive infrastructure construction space.
The contracts also highlight NRW’s ability to maintain geographic and sectoral diversification, with earnings coming from both South Australian and Queensland operations across mining and infrastructure segments. CEO Jules Pemberton’s comments regarding the order book strength suggest management confidence in the group’s market positioning heading into the new financial year. Investors should monitor project execution timelines and gross margins achieved on these contracts, particularly the Anglo American project, as these will determine whether the headline contract values translate into meaningful earnings accretion. The announcement is price sensitive and flagged as material information by the ASX.
View the full ASX announcement (PDF)
About NRW Holdings Limited (ASX: NWH)
NRW Holdings Limited provides diversified contract services to the resources and infrastructure sectors in Australia. The company operates through three segments: Civil, Mining, and Minerals, Energy and Technologies, offering services including civil infrastructure, mine management, contract mining, and related industrial services. The company is headquartered in Belmont, Western Australia.
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