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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 Goldmines.
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.
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