ADENCO is a WA-based water management and civil engineering business supporting construction and resource projects across Australia.
After winning a contract to be part of the supply chain for a major mining project, ADENCO needed a bank guarantee to access funds to deliver on the contract.
Our $807,000 bond helped ADENCO obtain the capital to execute the contract work. As a result, this increased its exposure to other projects and tenders, enabling it to continue expanding the business.
Established in 2014, Perth-based ADENCO is a water management and engineering business that has enjoyed rapid growth. Starting with BHP as its sole customer, over time it has won contracts with engineering and resourcing giants, like Roy Hill, Worley Parsons, Rio Tinto, Atlas Iron and Iluka Resources to name a few.
ADENCO’s General Manager, Christoff van der Schyff, says one of the business’s main strengths is its specialist team and innovative equipment. “Water management is a niche market,” he said. “Poly welding is a unique skill and specialised type of work – especially for the scope and size of pipelines we install in the mines.”
Export Finance Australia has previously provided support for ADENCO’s earlier contracts.
So in April 2020, when the business won a contract to be part of the supply chain for Rio Tinto’s West Angelas Deposits C&D water infrastructure project, the business needed a bank guarantee to access funds to execute the works. That’s when ADENCO approached us for support.
Our Senior Business Development Manager, Cameron Hall, helped ADENCO through the application, which Christoff says was a smooth and straightforward process with our help.
“Cameron was our main contact, helping us obtain the correct wording for the bank guarantee, and the documentation to get approval from the Export Finance Australia credit team,” said Christoff. “There’s now a relationship and a trust between us, which is really enjoyable.”
Export Finance Australia understands it’s very normal for construction contracts to experience roadblocks and delays. They ensure that if this happens, they keep credit facilities in place for us – enabling us to do our part.
Christoff van der Schyff
General Manager, ADENCO
A deep industry understanding
Our deep knowledge of the mining and construction industry meant it understood the challenges ADENCO faced.
“Export Finance Australia understands it’s very normal for construction contracts to experience roadblocks and delays beyond the completion date,” Christoff explained. “They ensure that if this happens, they keep credit facilities in place for us – enabling us to do our part.”
Thanks to our ongoing financial support, ADENCO has been able to execute multiple, large-scale projects – despite COVID-19.
“We're getting exposure to more tenders and work,” said Christoff. “Our future’s looking very positive in terms of growth.”