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.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...
VISIT SHOWROOM
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
