Shaft Sinkers shines on Implats contracts
Shares of Shaft Sinkers surged after it announced new contracts with Impala Platinum for its underground mining operation on the Bushveld Complex in South Africa.
Shares of Shaft Sinkers surged after it announced new contracts with Impala Platinum for its underground mining operation on the Bushveld Complex in South Africa.
The firm, which specialises in shaft sinking and underground construction work, said the contracts with Impala are worth a total £47.8m and include £28.6m for the development of levels 21 to 24 of the Impala 16 ventilation shaft.
It has also signed a new shaft services contract, worth £12.5m and an amendment to an existing contract for additional work, worth £6.7m, for equipping Impala 16 main shaft.
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
Shafts said the contracts are in line with management expectations for new works and contract extensions to be secured during the year.
Chief executive Alon Davidov said, "The award of additional contracts for existing clients is encouraging and we are delighted to continue to work with Impala Platinum. The business development teams continue to focus on tenders and we remain optimistic regarding the year and future prospects of the group."
cj
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Rightmove: UK asking prices hit record high but Britain enters buyer’s market
Higher property taxes are stifling the typically-busy spring selling season and buyers are benefiting from more choice, meaning sellers must price their homes more competitively
-
Inheritance tax reforms: government urged to rethink curbs on rural reliefs
MPs want the government to delay changes to inheritance rax reliefs for farmers