Capital Limited New Contract Awards -- Barrick, Tanzania (2964G)
November 24 2020 - 1:07AM
UK Regulatory
TIDMCAPD
RNS Number : 2964G
Capital Limited
24 November 2020
For Immediate Release 24 November 2020
Capital Limited
("Capital", the "Group" or the "Company")
New Contract Awards - Barrick, Tanzania
Capital (LSE: CAPD), a leading mining services company focused
on the African markets, is pleased to announce the expansion of its
operations at Barrick Gold Corporation's ("Barrick") Bulyanhulu
Gold Mine ("Bulyanhulu") in Tanzania with the award of two new
contracts. The contracts include a five-year laboratory services
contract for MSALABS, together with a two-year underground grade
control drilling contract.
Capital commenced operations at Bulyanhulu in February 2020,
undertaking a complex deep hole delineation drilling program. The
Company's professional execution of the program resulted in an
expansion of services, with two underground rigs added to
operations from May. The new contract will expand the underground
fleet at Bulyanhulu to four, utilising two rigs from the existing
fleet and including the acquisition of a further two underground
rigs.
MSALABS will undertake initial laboratory design and deliver
ongoing laboratory management and analysis services under the
laboratory services contract. Analysis capabilities will include
fire assay together with the new Chrysos PhotonAssay technology
that uses X-ray technology to determine the gold content of mineral
ores more quickly and accurately than traditional methods. The
contract terms are expected to be finalized imminently for a
five-year term, key personnel recruitment and training is now
complete and initial commissioning processes are underway.
The new contracts are scheduled to commence on 1 December
2020.
Commenting on the contract win, Stuart Thomson, MSALABS CEO
said:
'We are excited to commence this new contract with Barrick to
manage their on-site laboratory at the Bulyanhulu mine. The use of
the groundbreaking new Chrysos PhotonAssay technology, will
significantly increase assay throughput at Bulyanhulu, while
delivering a much faster sample turnaround time for Barrick.'
Capital's Executive Chairman, Jamie Boyton, said:
'We are very pleased to be expanding our services at the
Bulyanhulu Gold Mine and continue our valued relationship with
Barrick. It is particularly pleasing that our team's successful
execution of the initial deep hole drilling program has contributed
to this expansion and we are now delivering multiple services at
the site. This aligns to Capital's growth strategy of expanding
services with existing customers at established mine sites, with
the laboratory services contract to contribute to an increase in
the company's non-drilling revenues.'
- ENDS -
For further information, please visit Capital Limited's website
www.capdrill.com or contact:
Capital Limited +230 464 3250
Jamie Boyton, Executive Chairman investor@capdrill.com
André Koekemoer, Chief Financial Officer
Rick Robson, Executive - Corporate Development
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Wyllie
Detlir Elezi
Tamesis Partners LLP +44 20 3882 2868
Charlie Bendon
Richard Greenfield
Buchanan +44 20 7466 5000
Bobby Morse capital@buchanan.uk.com
Kelsey Traynor
James Husband
About Capital Limited
Capital Limited is a leading mining services company providing a
complete range of drilling, mining, maintenance and geochemical
laboratory solutions to customers within the global minerals
industry, focusing on the African markets. The Company's services
include: exploration, delineation and production drilling; load and
haul services; mining equipment hire and maintenance; and
geochemical analysis. The Group's corporate headquarters are in
Mauritius and it has established operations in Botswana, Burkina
Faso, Côte d'Ivoire, Egypt, Guinea, Mali, Mauritania, Nigeria,
Saudi Arabia and Tanzania.
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END
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