GenusPlus secures $55M Rio Tinto contract

• GenusPlus has been awarded an infrastructure contract valued at approximately $55 million by mining company Rio Tinto.
• The company's share price increased following the confirmation of the new development.
• The project aligns with the corporate strategy of converting a strong tender pipeline into a secured order book.

Infrastructure services provider GenusPlus Group (ASX:GNP) has secured an electricity contract valued at approximately $55 million with Rio Tinto (ASX:RIO).

The award expands on a broader three-year master construction agreement established between the two companies in March.

"We are delighted to secure the 220kV Millstream Substation contract and continue to build on our long and successful relationship with Rio Tinto," said GenusPlus Managing Director David Riches.

The project requires a workforce of approximately 50 personnel and has an estimated completion date in mid-2028.

Following the announcement, the GenusPlus share price was up at $9.52 as operations expand into the 2027 financial year.

The scope of the regional agreement covers brownfields expansion and end-of-life replacement across various iron ore mines and ports.

The company stated that the transaction is expected to position the business to convert its tender pipeline into an active order book.