NRW Holdings Limited announced that it has entered into an agreement with Mr Joe Comiskey of Comiskey Earthmoving Pty Ltd to purchase a significant fleet of heavy plant and equipment together with an earthmoving tyre inventory.

The total purchase price agreed is approximately AUD 84 million which will be funded by a mix of debt and existing reserves.

Settlement of this transaction is scheduled to occur on April 21st 2011.

It said “The fleet purchased represents a strategic opportunity to expand the company’s operations in Queensland within a tightening market for heavy earthmoving plant and equipment.”

Some of the acquired fleet will be deployed to the Middlemount Coal project where mobilization has commenced on the Preliminary Works contract, announced by NRW on January 11, 2011.

Comiskey Earthmoving Pty Ltd is a Queensland based coal focused earthmoving contractor that has been in operation since 1987