London-listed mining services company Capital has announced the award of a significant drilling contract in Nevada, in the US, along with associated rig purchases, as well as an update on the ramp-up of operations at its Ivindo iron-ore contract, in Gabon. The new major contract is a three-year comprehensive drilling services agreement with Nevada Gold Mines (NGM) in the US. This contract encompasses a range of drilling services, including diamond drilling for both surface and underground and underground reverse circulation drilling.
London-listed mining services company Capital has announced the award of a significant drilling contract in Nevada, in the US, along with associated rig purchases, as well as an update on the ramp-up of operations at its Ivindo iron-ore contract, in Gabon.
NGM is a joint venture between diversified miner Barrick Gold, holding a 61.5% ownership stake, and Newmont, which holds 38.5% ownership. Barrick serves as the operator. The contract is expected to generate yearly run-rate revenues of about $35-million once all the rigs are fully operational by 2025, with profit margins in line with the broader group. Capital will procure new rigs and associated equipment for the contract, with capital expenditure estimated at about $20-million, primarily in 2024.
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