Foraco wins $76M deep directional drilling contract with BHP Olympic Dam

Foraco International (TSX: FAR), a leading global provider of mineral and water drilling services, has been awarded a contract is for exploration […]
BHP’s Olympic Dam copper, gold and uranium mine in South Australia. Credit: BHP

Foraco International (TSX: FAR), a leading global provider of mineral and water drilling services, has been awarded a contract is for exploration and evaluation drilling services near Olympic Dam mine complex in Australia. The deposit contains significant amounts of gold, copper and uranium.

The contract is signed for a three-year period plus two optional years as an extension. It will involve a total of five rigs, most of them being remotely operated, and has a total face value of approximately $76 million (US$60 million), excluding options. If the two-year options are exercised, the face value could reach $114 million (US$90 million)."We have been working hard to market our technical expertise in deep diamond directional drilling services around the world for nearly a decade now and are very excited to start a new relationship with BHP. This is a great reward for all our employees, field crews and support teams" said Daniel Simoncini, CEO of Foraco.

"We believe long term relationships with leading global companies like BHP are an efficient way to increase our profitability resilience, while providing good quality professional life to our employees with who we can share a decent time horizon long enough to develop them, train them and make them safer and happier," he added.

For more information about Foraco, visit www.foraco.com.

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