TORONTO and MARSEILLE, France, April 13,
2023 /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 Rio Tinto Iron Ore.
This contract is for water related drilling services in the
Pilbara region, involving both monitoring wells, dewatering wells
and vibrating wire piezometers digital networks installation,
mostly with flooded reverse circulation rigs and is signed for 2
years firm plus 3 optional years extension. It will involve a total
of 4 rigs and a VWP grout unit, including our new proprietary
generation of BF800, the NGBF, a 60T pull remotely operated rig
which will bring our large diameter drilling capacity to the next
step in term of intrinsic safety and capabilities. The contract has
a total face value of AUD 111 million, or U$ 74 million, including
options.
"Our remarkable partnership with Rio Tinto Iron Ore in the
Pilbara has gotten one step further with this additional contract
on top of our running long term exploration contract and we're very
excited to extend our collaboration with Rio Tinto to help them to
manage their mines groundwater which is now seen as a critical and
vital natural resource to be preserved and well managed. We are
very proud that Rio Tinto management and their field operators
appreciate Foraco technical expertise, safe execution and reliable
services. This is a great reward for all our employees, field crews
and support teams in Australia"
said Daniel Simoncini, CEO of
Foraco. "We believe long term relationships with world leaders like
Rio Tinto is an efficient way to increase our long-term
profitability resilience, while providing the best quality of
professional life to our employees with who we can share a 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 3,
2023, 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