Ausenco secures US$130m contract
Ausenco Limited (AAX) said it had secured a US$130 million project to complete the Kinsevere Stage II copper project in the African nation of the Democratic Republic of Congo for Anvil Mining Limited (AVM). Ausenco said the contract was to provide Engineering, Procurement and Construction (“EPC”) work for the company following Anvil’s successful US$200 million debt and equity refinancing at the end of last year.
Ausenco CEO Zimi Meka said the result was a part of an upbeat outlook for the company.
“Generally, tendering and pre-qualification activities on a range of potential project opportunities has increased in recent weeks and we remain confident of Ausenco’s growth into 2010 and 2011,” Mr Meka said.
Mr Meka also said the contract followed the recommencement of engineering services to the Kinsevere mine in July 2009.
“Finalising the successful conversion of our engagement to EPC from the previous engineering and design services contract has taken slightly longer than we had envisaged,” Mr Meka added.
”Nevertheless it recognises the successful efforts of both teams and represents an important opportunity and an indication of increasing confidence in the base metals sector.”
At the close Friday, Ausenco shares were trading at $4.11, while Anvil Mining shares were $3.50.
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