TORONTO, May 25, 2022
/CNW/ - Foraco International SA (TSX:FAR) (the "Company" or
"Foraco"), a leading global provider of mineral and water drilling
services, today announced it has been awarded a major contract with
BHP Olympic Dam.
This contract is for exploration and evaluation drilling
services near Olympic Dam mine complex, involving diamond drilling
and is signed for 3 years firm plus 2 optional years extension. It
will involve a total of 5 rigs, most of them being remotely
operated, and has a total face value of 80 million AUD, or U$ 60
million, excluding options. If the 2 year options are exercised,
the face value could reach U$ 90 million.
"We have been working hard to market our technical expertise in
deep diamond directional drilling services around the world for
nearly a decade now and are very excited to start a new
relationship with BHP. This is a great reward for all our
employees, field crews and support teams" said Daniel Simoncini, CEO of Foraco.
"We believe long term relationships with leading global
companies like BHP are an efficient way to increase our
profitability resilience, while providing good quality professional
life to our employees with who we can share a decent time horizon
long enough to develop them, train them and make them safer and
happier."
About Foraco International SA
Foraco International SA (TSX: FAR) is a leading global mineral
and water drilling services company that provides a comprehensive
and reliable service offering in mining and water projects.
Supported by its founding values of integrity, innovation and
involvement, Foraco has grown into the third largest global
drilling enterprise with a presence in 22 countries across five
continents. For more information about Foraco, visit
www.foraco.com.
"Neither TSX Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release."
Caution concerning forward-looking statements
This document may contain "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities laws. These statements and information include
estimates, forecasts, information and statements as to Management's
expectations with respect to, among other things, the future
financial or operating performance of the Company and capital and
operating expenditures. Often, but not always, forward-looking
statements and information can be identified by the use of words
such as "may", "will", "should", "plans", "expects", "intends",
"anticipates", "believes", "budget", and "scheduled" or the
negative thereof or variations thereon or similar terminology.
Forward-looking statements and information are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by Management, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Readers are cautioned that any such forward-looking statements and
information are not guarantees and there can be no assurance that
such statements and information will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed under the heading "Risk Factors" in the Company's
Annual Information Form dated March 30,
2022, which is filed with Canadian regulators on SEDAR
(www.sedar.com). The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements and
information whether as a result of new information, future events
or otherwise. All written and oral forward-looking statements and
information attributable to Foraco or persons acting on our behalf
are expressly qualified in their entirety by the foregoing
cautionary statements.
SOURCE Foraco International SA