LONDON (Alliance News) - Drilling services firm Capital Drilling Ltd said on Wednesday it has extended its contract with JSE-listed AngloGold Ashanti Ltd for services at the Geita gold mine in Tanzania.
The extension is for one year, and will start in January 2019, utilising the existing underground drill rig fleet currently on site.
The underground drilling services is a sub-part of the overall contract with Geita Gold, which includes blast hole, grade control, delineation, exploration, and underground drilling.
The master contract is for five years, running to December 2020.
"The experience Capital Drilling has gained at the Geita gold mine over the past thirteen years underpins our strategy of targeting Tier 1 long life assets with quality operators. We continue to deliver excellent operational results for AngloGold Ashanti and are pleased to have the extension of the underground drilling contract for a further year," said Executive Chairman Jamie Boyton.
Shares in Capital Drilling were up 1.3% at 38.00 pence on Wednesday.
Capital (CAPD)