VANCOUVER, British Columbia FINNING INTERNATIONAL revealed that its Power Systems Division in South America has sold a turnkey cogeneration power plant to Minera Argentina Gold S.A., a subsidiary of BARRICK GOLD and operator of the Veladero gold project in Argentina. The plant is worth $9.5 million.
The sale includes the design, supply and construction of a 12-MW base-load cogeneration plant that will provide electricity and heat to the new process facilities and mine. Finning will employ an innovative modular design and maximum off-site prefabrication to ensure the plant will be fully operational in early 2005. Veladero is expected to start production in late 2005 at an annual rate of about 540,000 oz of gold.
Finning sells, rents, finances, and provides customer support services for Caterpillar equipment and engines plus complementary equipment. In September 2003, the company announced that it had secured a $154-million contract for equipment and maintenance at Veladero. Its web site is at www.finning.com.