Managing Director of Barrick Gold of Australia, Stephen Orr, said, "we are pleased to engage Aker Kvaerner on Cowal's project construction.  The Cowal Gold mine represents a significant new investment for Barrick in Australia and it is expected to make an important contribution to Barrick's growing production profile." 

Aker Kvaerner Australia Managing Director, Mr Tom Quinn, said, "It is pleasing that our approach to deliver projects effectively while at the same time achieving high standards for health, safety and the environment is being recognized by many of our clients. Barrick's decision to award Aker Kvaerner the contract recognises our reputation as a leading global gold plant engineer and for global project execution excellence." 

Cowal contains approximately 2.5 million ounces of proven and probable reserves and is expected to produce on average between 220,000-235,000 ounces of gold per annum. Production is targeted to commence in early 2006. 

ENDS

 

Business Development:
Tom Hunter, Business Development Manager, Metals. Tel: +617 3246 9149

Renee Mead, Communications Officer, Tel +613 9272 3256

Media:
Torbjorn Andersen, VP Group Communications, Aker Kvaerner: +1 713 270 3618

AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Power, Pharmaceuticals & Biotechnology, and Pulping. Aker Kvaerner has aggregated annual revenues of approximately USD 4.5 billion and employs around 21,000 employees in more than 30 countries. The Aker Kvaerner group consists of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kværner ASA.

The Oil, Gas, Process & Energy (OGPE) business area of Aker Kvaerner specialises in the provision of process technology, design, engineering, project management, procurement and construction.  With an annual turnover of US$1.14 billion, the OGPE business employs more than 5,400 people operating worldwide.  It offers the complete range of services that are necessary to realise global projects from conception to start-up.  These services include a portfolio of advanced process technologies, a full range of engineering studies (including bankable feasibility and environmental studies), total project management, engineering and design, procurement, construction, commissioning and maintenance services.

Aker Kvaerner Australia is a leading project management and engineering contractor, providing industrial clients throughout the oil & gas, refining, chemicals, power, non-ferrous metals, iron ore and steel industries with design and project management services and innovative technology solutions. Aker Kvaerner Australia is organised as a subsidiary under the business area Oil, Gas, Process & Energy.