Parsons Continues Long-Term Remediation of Canada’s Giant Mine

CENTREVILLE, Va., Feb. 08, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company’s contract as the Main Construction Manager of the Giant Mine Remediation Project has been amended and will continue providing construction management services until the completion of the remediation at the former gold mine in Yellowknife, Northwest Territories, Canada. Term two of the contract, awarded by Public Services and Procurement Canada, on behalf of Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC), is effective as of February 2, 2023. The implementation of the Giant Mine Remediation Project is estimated to take 15 years and will cost approximately $4.38 billion CAD.

Parsons first supported remediation efforts at Giant Mine site – one of the Canadian government’s largest environmental remediation projects – in 2013, deconstructing the roaster complex, with local Indigenous involvement. Serving as an interim construction manager, from 2015 to 2017, and the construction manager since 2017, Parsons oversaw remediation milestones including construction of an on-site non-hazardous waste landfill and operation of the landfill receiving waste; continued stabilization of the underground; construction of a freeze pad, including rock blasting; and hazardous waste removal from buildings and deconstruction of buildings.

“We are proud to continue helping CIRNAC meet the environmental stewardship challenges faced by the Giant Mine Remediation Project,” said Joe Cudney, senior vice president, Energy and Environment market for Parsons. “Our team has been on-site in Yellowknife for many years and understands first-hand the challenges and constraints at hand. We are eager to further the existing work of protecting human health and safety, restoring the environment, and maximizing the socio-economic benefits within the local Indigenous communities and Yellowknife.”

With this amendment, Parsons will continue to serve as the main construction manager, providing construction management during implementation of the long-term reclamation plan.

Parsons is a global leader in critical infrastructure excellence, with a focus on environmental sustainability and more than 75 years of experience in providing solutions and services to the mining industry, including project and construction management; care and maintenance; dam safety management; mine water treatment; and reclamation, landform, and habitat restoration. The company is currently managing two of Canada’s largest mine closure and reclamation projects, including Giant Mine and the Faro Mine Remediation Project in Faro, Yukon, Canada, along with environmental remediation programs around the world.

To learn more about Parsons’ environmental remediation expertise, visit Parsons.com/environmental/.

To learn more about Parsons’ management of the Giant Mine Remediation Project, visit https://giantminerp.ca/.

About Parsons

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure solutions. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media Contact:
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@Parsons.com

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.com