Graña y Montero (GyM), a leading engineering and construction firm based in Peru, announced that its subsidiary, STRACON GyM, will be in charge of the construction and operation of the San Ramon gold mine, located in Medellin, Colombia. Owned by the Red Eagle Mining Corp., the San Ramon mine is expected to be one of the major mines in that country. The eight-year service contract was valued at $155 million.
“This will undoubtedly enhance the presence of Graña y Montero in Colombia and will strengthen our participation in the mining sector at a regional level,” said Steve Dixon, CEO of STRACON GyM.
As part of this agreement, STRACON GyM has acquired a$3.5 million equity stake in Red Eagle Mining.