WATPAC'S $29M DEAL

Written on the 4 August 2014

WATPAC'S $29M DEAL

WATPAC Limited (ASX:WTP) has secured a $29 million contract with Hanking Gold Mining to provide mining services at its Cornishman Pit.

Work is expected to commence this month, based at the centre of Hanking Gold’s Southern Cross Operations.

Watpac CEO Martin Monro (pictured) says the contract will boost the group’s civil and mining business.

“While the outlook for the resources sector has been mixed, Watpac Civil and Mining has continued to perform well over the past 12 months,” Monro says.

“Watpac has developed extremely strong credentials in the iron ore, gold and mineral sands space in Western Australia in recent years and it is very pleasing to see our brand is recognised for our knowledge and expertise in this space despite a difficult market.”

Monro says the deal affirms the team’s efforts to maintain a “healthy forward work book.”

The national contractor will provide drill, blast and conventional mining services at the Cornishman Pit for the next 19 months.

Approximately 50 people will be employed under the contract.

Watpac civil and mining manager Russell Hall says the company is looking forward to a long relationship with Hanking Gold.

“Our collaborative approach with mine owners enables us to deliver a broad range of mining and heavy civil works tailored to each unique operating environment and supported by best practice safety and management systems,” Hall says.

Hanking Gold operates under China Hanking Holdings Limited and is a diversified international mining company listed on the Hong Kong Stock Exchange.


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