Award of landmark underground mining contract marks another key milestone towards nickel restart
Highlights
Contract encompasses underground mining operations at Cassini and the Northern Operations
Pit N Portal was recently acquired by
Pit N Portal are experienced underground miners with a Kalgoorlie-based leadership team which includes several management and personnel who have previously worked at Mincer's Kambalda nickel mines
Contract award is consistent with
Targeting commencement of mining in 2H 2020, subject to a Final Investment Decision (FID)
Early Works Contract at Cassini completed, and project financing discussions progressing well
The contract encompasses a 5-year underground mining contract for the new
The contract was awarded following the completion of a highly competitive tender process and an extensive due diligence process led by
All key components of the contract are in line with the parameters set out in the Nickel Restart Definitive Feasibility Study (DFS) completed in
Established in Kalgoorlie in 2002, PNP has expanded its capacity and capability to encompass total, whole-of-mine solutions across
With a workforce of more than 300 people and a strong customer base ranging from top-tier to junior miners, PNP has over 120 pieces of specialised underground mining equipment including tele-remote control and auto-guidance equipment, over 300 items of infrastructure equipment and significant centralised planning, condition monitoring and asset management capabilities.
PNP was acquired by ASX-listed mining services and equipment hire group
'We selected Pit N Portal based on a wide range of criteria including safety, performance, contract cost, experience and capability, ability to meet our mobilisation timelines and the size and quality of their contract fleet,' he said.
'Their equipment fleet suits our proposed style of mining and, as one of
'This includes having access to the
'This will be a cornerstone contract for PNP, ensuring we will have access to their highly-experienced Kalgoorlie- based leadership team, several members of whom worked previously at
'The contract award also encompasses a joint commitment to support indigenous employment, consistent with the principles of the Native Title Mining Agreement which we signed recently with the Ngadju People.
'The award of this contract fulfils another commitment we made to shareholders as part of our capital raising last year and puts us in a strong position as we move into the advanced stages of project financing.
'In this regard, the project financing process is progressing well with several global and domestic banks and resource specialist financiers now short-listed following evaluation of indicative terms sheets. We have also started preparing the organisation for operational readiness, having recently identified preferred candidates for the position of General Manager for each of our operational centres. These appointments will be formalised shortly prior to, or post, FID.'
Update on Cassini Early Works Contract
This works included clearing of the Cassini site area, excavation of the box-cut, construction of the site office pad, magazine and waste areas and construction of the surface settling dams and haul road.
Future performance
This announcement contains certain forward-looking statements and opinion. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of MCR and which are subject to change without notice and could cause the actual results, performance or achievements of MCR to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast. Nothing contained in this announcement nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of MCR.
Contact:
Tel: (08) 9476 7200
Email: d.southam@mincor.com.au
Web: www.mincor.com.au
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