Shaft Sinkers gets another Randgold fillip
Recovery stock Shaft Sinker Holdings has been awarded the vertical shaft contract for Randgold Resources' Kibali gold mine in the Democractic Republic of the Congo.
Recovery stock Shaft Sinker Holdings has been awarded the vertical shaft contract for Randgold Resources' Kibali gold mine in the Democractic Republic of the Congo.
The contract award follows on from the announcement on September 20th that Shaft Sinker had been chosen by Randgold to initiate mobilisation activities at Kibali. The combined mobilisation and vertical shaft contracts have an estimated total value of £82.3m. The contracted work is scheduled to be completed in 2016.
The mobilisation phase is progressing on schedule and as a result of the contract the scope of work is extended to include the sinking and lining of the main shaft to the final depth of 760 metres, as well as associated development and civil works.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The addition of this new contract is in line with management's expectations of revenues for the 2012 financial year.
"We are confident that there will be more conversions of the new business pipeline going forward," said Alon Davidov, Chief Executive of Shaft Sinker.
Shaft Sinkers Holdings specialises in the sinking of particularly deep and wide vertical and decline shafts and the development of underground infrastructure, used primarily in mining and hydro-power applications.
Its share price was hit at the end of 2011 after it suspended work for its Russian client EuroChem at the latter's Volgakaly potash mine. Work on the mine was terminated with effect from April 20th 2012, leading to the filing of a claim against the company by EuroChem. Shaft Sinkers, meanwhile, is preparing claims against EuroChem.
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published