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Investing.com-- Shares of Japan’s Mitsubishi Heavy Industries (TYO:7011) rose to a one-month high on Monday after the company won a A$10 billion ($6.47 billion) contract to build a fleet of Mogami‑class frigates for the Royal Australian Navy.
Australian Deputy Prime Minister Richard Marles confirmed that MHI’s upgraded Mogami design was selected over Germany’s MEKO A‑200 following a decision by Australia’s national security committee.
Tokyo-listed MHI shares jumped as much as 4.5% to 3,705 yen as of 00:51 GMT, reaching their highest since June 30.
The first three vessels will be built in Japan, with the remaining to be constructed in Western Australia, creating almost 10,000 jobs under a continuous work pipeline.
Mogami‑class frigates offer a 10,000 nautical mile range, a 32‑cell vertical launch system, advanced radars, and reduced crew requirements.
The first frigate is expected to be delivered in 2029.