SHAFT SINKERS HOLDINGS PLC
06 August 2014
Shaft Sinkers Holdings plc
("Shaft Sinkers"; "the Group" or "the Company")
Shaft Sinkers Signs £37 Million Contract with Kazchrome
Shaft Sinkers Holdings plc (LSE:SHFT), the international shaft sinking and underground construction group, is pleased to announce that its subsidiary company, Shaft Sinkers Kazakhstan LLP, as a result of the public tender to execute the project, has now signed a contract valued at approximately GBP37 million with TNK Kazchrome JSC ("Kazchrome").
The project will entail the sinking of the Skipovaya vertical shaft to access a ferrochrome ore-body which will be mined to supply ore to the Donskoy processing plant in the Aktujbinsk region of Kazakhstan. The scope of work will include the sinking and lining of an 8m diameter skip shaft to a final depth of 1,453 metres. The contract, which will commence in September 2014, is scheduled to be completed in 2018.
Kazchrome manufactures, supplies, and exports ferroalloys to steelmakers in the Americas, Europe, and Central and South-East Asia.
Alon Davidov, Chief Executive, said:
"I am delighted that, following successful negotiations, we have signed the contract for the development of the Skipovaya vertical shaft. This contract represents both an endorsement of the Company's unrivalled shaft sinking capabilities and an exciting new challenge in terms of commodity and country. We look forward to developing a long and successful working relationship with Kazchrome as we deliver on the project."
For further information:
Shaft Sinkers Holdings plc+44 (0) 787 595 1362
Alon Davidov, Chief Executive Officer
Chris Hall, Chief Financial Officer
Aura Financial +44 (0) 207 321 0000
Andy Mills
Notes to editors
Shaft Sinkers
Shaft Sinkers Holdings 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.
Major current projects and customers include the Shaft 17 complex for Impala Platinum, Leeuwkop for Afplats, the Styldrift project for Anglo Platinum and Royal Bafokeng Resources, the Karee 3, Hossy and Saffy projects for Lonmin as well as RampuraAgucha for Hindustan Zinc Limited and Kibali Goldmines for Randgold Resources.
TNK Kazchrome JSC
The company was founded in 1995 and is based in Aktobe, Kazakhstan. Transnational Company Kazchrome JSC is one of the ferroalloy divisions of Eurasian Natural Resources Corp Plc.
Kazchrome JSC manufactures, supplies, and exports ferroalloys to steelmakers in the Americas, Europe, and Central and South-East Asia. Its products include chromium alloys, ferrochrome, ferrosilicon, phosphorus silicomanganese, rutile, zircon, and ilmenite concentrates.
Kazchrome is one of the world's largest ferrochrome producers, supplying the market with a range of high-grade chromium alloy. Its primary product is high-carbon ferrochrome, whilst also producing rutile, zircon and ilmenite concentrates.
Kazchrome employs more than 18,300 people, and it integrates four operating companies: Donskoy Ore Mining & Processing Plant, Aktobe Ferroalloys Plant, Aksu Ferroalloys Plant and Kazmarganets Mining Enterprise.
This information is provided by RNS
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