Buildmax subsidiary awarded $25.8m Congo mining contract
JOHANNESBURG (miningweekly.com) - Opencast mining contractor and construction materials supplier Buildmax has, through its subsidiary Diesel Power Congo, been awarded a $25.8-million openpit quarrying and mining contract at the Mayoko iron-ore project, in the Republic of Congo.
The project, which is owned by DMC Iron Congo (DMC) and controlled by JSE-listed resources group Exxaro Resources, is situated in the Niari province in the north-west of Congo.
Buildmax stated that the 26-month mining contract marked the achievement of certain of its strategic growth and diversification objectives. Diesel Power Congo, which is in the process of being established, would be responsible for the establishment and mining of a conventional hard-rock openpit operation, which had significant long-term reserves.
In addition to owning and funding the DMC mining plant, Diesel Power Congo would also assume all other risks and rewards relating to the mining contract, including plant maintenance and productivity.
Diesel Power Congo had entered into a separate supply agreement with DMC and the first tranche of assets was loaded and shipped from the Port of Durban on February 28.
Buildmax further indicated that a highly qualified management team, with extensive experience in Africa, would be deployed by its subsidiary and that a permanent support structure would be established in Pointe-Noire.
The Mayoko contract was expected to account for a substantial portion of Diesel Power Congo’s and Buildmax’s growth in 2014, with margins and risks being commensurate with operations in the Congo.
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