Funding Secured at Major Botswana Project

19-Jul-2019 Intellasia | | 9:26 AM Print This Post

Diversified mining services company Ausdrill Limited (ASX: ASL) is pleased to provide an update on the approximately A$800 million, five-year underground mining services contract at the Zone 5 Mine in Botswana recently awarded to Ausdrill’s subsidiary, Barminco, from Khoemacau Copper Mines (Khoemacau).

As per Ausdrill’s ASX release on 24 June 2019, the contract was subject to Khoemacau Project funding closing. Khoemacau has advised that all components of its funding package have now successfully closed – a media release by Khoemacau is attached.

Ausdrill Managing Director Mark Norwell said: “This is one of the largest contracts awarded to Barminco and a major opportunity for Ausdrill under our international growth strategy.

“We are delighted that the funding package has successfully closed and look forward to delivering on this significant project, with preparations underway for us to commence mining services at the Zone 5 mine in December 2019.”

Khoemacau’s Zone 5 operation is a new, large and long-life mine development project located in the highly-prospective Kalahari copper belt in Botswana. Under the contract, Barminco will perform mine development, establishment of underground mine infrastructure, diamond drilling and mine production at an initial rate of 3.6 million tonnes per annum of copper ore with multiple expansion opportunities.

 

(Source: FTI Consulting, Strategic Communications Perth)

 


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