Austin Engineering (ASX:ANG) has received purchase orders for 17 trays, valued at $2.7 million, from a tier-one iron ore producer in India.
The 17 trays are in production at Austin’s manufacturing facility in Batam, Indonesia, and will be delivered ready for shipment from Batam at the end of March 2025.
Austin Engineering, which has a market capitalisation of $316.27 million, says this is the company’s first substantial order from India and marks the start of a new market opportunity.
CEO David Singleton says receiving this tranche of tray orders is an achievement for Austin, as it represents the start of a genuine presence in India and the opening of a new market for the Austin business in APAC.
“Our activities in the region have been strongly supported by Austrade, the Australian Government’s international trade and investment development agency,” Singleton says.
“Our solutions-based approach to enhancing product performance, our strong manufacturing and export capabilities in APAC, along with our experience in producing equipment for Australia’s iron ore miners, meant India was a logical market opportunity for Austin to explore.”
Austin says the order follows a trial of four customised ULTIMA truck trays in 2023, which specifically focused on the tray’s payload capacity.
The company now expects the customer will progressively replace its entire fleet of truck trays under an upcoming iron ore fleet replacement program. There is no guarantee of this, however, and it is also subject to further purchase orders being released.
Meanwhile, Austin has appointed a full-time representative in India to oversee the current contract and to further business development opportunities in the country.
India is the fourth-largest producer of iron ore globally and is one of the world’s largest and fastest growing economies. Austin says it sees the potential for future market opportunities for its products in India.
Austin Engineering is a global engineering company that partners with mining companies, contractors, and original equipment manufacturers to create innovative engineering solutions that deliver productivity improvements to their operations.
Write to Aaliyah Rogan at Mining.com.au
Images: Austin Engineering
