Shaft Sinkers Holdings an international shaft sinking and underground construction group, has been selected by Randgold Resources to initiate mobilisation activities for the Kibali gold mine in the Democratic Republic of the Congo.
Kibali is a joint venture between mine operator, Randgold Resources (45%), AngloGold Ashanti (45%) and Congolese parastatal, Sokimo (10%). The project is situated near Doko, in the north eastern Orientale province.
The initial phase, which will begin immediately, is the start of shaft sinking activities and equipping the main underground shaft.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
The vertical shaft contract remains subject to negotiation, but talks are advanced with both parties working to reach a final agreement as soon as is reasonably practicable, Shaft said.
The shareprice rose 4.15% to 62.75p by 14:17.
MoneyWeek Interviews: Ed Wielechowski portfolio manager of the Odyssean Investment Trust
Ed Wielechowski portfolio manager of the Odyssean Investment Trust talks to Rupert Hargreaves.
By Rupert Hargreaves Published
Pension savers turn to gold investments
Investors are racing to buy gold to protect their pensions from a stock market correction and high inflation, experts say
By Ruth Emery Published