Shaft Sinker Hdg plc (SHFT) - New Kibali Gold Mine Contract
RNS Number : 8536Q
Shaft Sinkers Holdings Plc
12 November 2012
12 November 2012
Shaft Sinkers Holdings plc
("Shaft Sinkers"; the "Group" or the "Company")
Shaft Sinkers awarded new Kibali gold mine contract
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and
underground construction group, is pleased to announce that Randgold Resources
Limited has awarded the Company the vertical shaft contract (the "Contract")
at the Kibali gold mine ("Kibali"), in the Democratic Republic of the Congo.
This follows on from the announcement made on 20 September 2012 that the
Company had been selected by Randgold Resources Limited to initiate
mobilisation activities at Kibali. The combined mobilisation and vertical
shaft contracts have an estimated total value of £82.3 million.
The US dollar based Contract is a continuation of the work commenced under the
award of mobilisation activities and is scheduled to be completed in 2016.This
is an "Agreed Target Cost" contract.
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 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.
The addition of this new contract is in line with management's expectations of
revenues for the 2012 financial year.
Speaking today, Alon Davidov, Chief Executive, said:
"I am pleased to see the new business pipeline being converted into new
orders. The award of a contract in the Democratic Republic of the Congo is in
line with our strategy to diversify our portfolio of projects and to expand
our operations on an international basis. We are confident that there will be
more conversions of the new business pipeline going forward".
For further information:
Shaft Sinkers Holdings plc +44 787 595 1362
Alon Davidov, Chief Executive Officer
Chris Hall, Chief Financial Officer
M:Communications +44 (0) 20 7920 2330
Notes to editors
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 hydropower applications.
The Group is a world leader in vertical shaft sinking with a focus on
particularly deep and/or wide vertical shafts.It has the capability to sink
shafts through all types of rock strata, including running sands and clay. The
Group works principally for established mining and infrastructure companies.
Historically, the Group has completed projects in over 20 countries worldwide
across Africa, Europe, South America, the Middle East, Asia and Australia. The
Group was responsible for sinking one of the deepest ever man and material
South African shafts, a secondary shaft at the Western Deep Levels to a depth
of 3,131 metres below bank.
Major current projects and customers include the Shaft 16 and 17 complexes for
Impala Platinum, Leeuwkop for Afplats, the Styldrift project for Anglo
Platinum and Royal Bafokeng Resources, the Lonmin projects include Karee 3,
Hossy and Saffy, the Hernic Ferrochrome project, the Moab project for
AngloGold Ashanti; Rampura Agucha for Hindustan Zinc Limited and Kibali
Randgold Resources, the operator of the Kibali mine, is a gold mining and
exploration company operating in the prospective gold belts of west and
central Africa. Major discoveries to date include deposits in southern and
western Mali, Côte d'Ivoire and Senegal.
Randgold operates four gold mines: Morila, Loulo and Gounkoto in Mali and
Tongon in Côte d'Ivoire and a fifth mine, Kibali in the Democratic Republic of
the Congo, is currently being developed.
AngloGold Ashanti's primary listing is on the Johannesburg Stock Exchange
(JSE), the company is also listed on the London Stock Exchange (LSE), the New
York Stock Exchange (NYSE), the Ghana Stock Exchange (GhSE) and the Australian
Securities Exchange (ASX).
AngloGold Ashanti has 20 operations in 10 countries on four continents, as
well as several exploration programmes in both the established and new gold
producing regions of the world.
This information is provided by RNS
The company news service from the London Stock Exchange
CNTEAXFAFESAFEF -0- Nov/12/2012 07:05 GMT
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