SHAFT SINKERS HOLDINGS PLC 29 August 2014
Shaft Sinkers Holdings plc
("Shaft Sinkers" or "the Group")
Additional Work Awarded - Impala 16
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to announce that it has been awarded a six month contract extension by Impala Platinum Limited ("Impala") on its existing Impala 16 project ("the Project") in Rustenburg, South Africa.
The contract, which has an estimated value of GBP3.7 million, relates to development work on a number of levels within the shaft complex and comprises mechanised drilling to excavate the levels as well as the removal of waste rock via underground rail. The contract is on a labour rates basis with a performance based element.
Shaft Sinkers, and its associated contracting and project partners, successfully completed sinking of the main and ventilation shafts at Impala 16 on 21 June 2013 following the commencement of work in 2004. The Company has subsequently been engaged to undertake development work as the project comes into production. The main shaft and the ventilation shaft were sunk to a depth of 1,657m and 1,400m respectively.
The additional work is in line with management's expectations for potential future project developments and contract extensions to be secured during the 2014 financial year.
Speaking today, Alon Davidov, Chief Executive, said:
"We look forward to continuing to work with Impala Platinum on the continued delivery of this project."
Ends
For further information:
Shaft Sinkers Holdings plc+44 787 595 1362
Alon Davidov, Chief Executive Officer
Chris Hall, Chief Financial Officer
Aura Financial +44 (0) 207 321 0000
Michael Oke / Andy Mills
Notes to editors
Shaft Sinkers Holdings plc
Shaft Sinkers Holdings plc specialises in the sinking of particularly deep and wide vertical and decline shafts and the development of underground infrastructure, used primarily in mining and hydropower applications.
The Group is a world leader in vertical shaft sinking with a focus on particularly deep and/or wide vertical shafts. It has the capability to sink shafts through all types of rock strata, including running sands and clay. The Group works principally for established mining and infrastructure companies.
Historically, the Group has completed projects in over 20 countries worldwide across Africa, Europe, South America, the Middle East, Asia and Australia. The Group was responsible for sinking one of the deepest ever man and material South African shafts, a secondary shaft at the Western Deep Levels to a depth of 3,131 metres below bank.
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