Capital awarded another contract at Gabon-based iron-ore project
London-listed mining services company Capital has been awarded a contract to conduct earthmoving and crushing services for Ivindo Iron, at the Belinga iron-ore project, in Gabon.
Ivindo, which is owned 72% indirectly by iron-ore miner Fortescue Metals Group, is the operating entity for the Belinga project.
The contract has a term of up to five years and will generate about $30-million of revenue a year once fully operational.
Capital advises that it will use existing equipment and an additional $15-million worth of equipment to be purchased, to fulfil the services.
The company’s capital expenditure guidance for the 2023 financial year has, therefore, been revised upwards to between $65-million and $75-million, compared with between $50-million and $60-million previously.
Capital has already begun mobilising equipment to site.
The company also has a three-year reverse circulation and diamond drilling services contract with Ivindo at the same project, which was entered into earlier this year.
Meanwhile, Capital has increased its revolving credit facility from $25-million to $50-million. As part of this upsize, the company has formed a new banking relationship with Nedbank, which is co-lending this facility with the prior sole lender Standard Bank.
This facility, alongside group cash flow, provides Capital with additional balance sheet flexibility to deliver on growth opportunities.
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