Shaft Sinkers announces new contract win

Underground construction firm Shaft Sinkers said it had secured an 11 million pound contract to continue work on the Afplats Leeuwkop project in South Africa.

The contract commences immediately and is scheduled to be completed in September 2012, the firm said.

"The project has progressed well and we look forward to working with Afplats to deliver on this, as well as future expansions of their projects," said Chief Executive Alon Davidov.

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It marks a much better start to the year for Share Sinkers which saw its share price drop 61% n 2011.

Wednesday's contract win buoyed investors, who pushed the firm's share price up 5% in early trading.

The announcement comes hot on the heels of new contracts wins in March with Impala Platinum for its underground mining operation on the Bushveld Complex in South Africa.