Industrea secures $18.8m order
Industrea Limited (IDL) announced the signing of a record $18.8 million order from Chinese miner Yangquan Coal Industry (Group) Co. for the delivery of eight AMT directional drilling and methane gas drainage systems. The Australian mining products and services provider said it is the largest sale ever won by its AMT and Wadam Industries units.
Managing Director and CEO, Robin Levison, said the contract had proven the value of the company’s investment in the world’s largest coal market.
“Industrea has benefited from its strong relationships and excellent reputation for delivery in China to secure this agreement with Yangquan, picking up the $10 million per month pace of new product orders secured since the start of the 2009/10 financial year,” Mr Levison said.
“This is the largest single sale ever secured by AMT and Wadam in China, and we anticipate there are more to come as the nation’s coal miners venture further underground into its gassy coal mines, making our best-of-breed systems indispensable.”
Mr Levison said the company’s major Chinese customers are ramping up coal production at double-digit levels, with the Government and industry favouring the development of large-scale mines with modern equipment and safety standards.
Meanwhile, Industrea said it is also seeing growth in other international markets along with Australia.
“The company has recently sold an AMT drill guidance system to a Japanese customer for a non-mining civil application, which may create opportunities for a new sales channel,” Mr Levison said.
”Meanwhile, through our Russian agent, we have secured the sale of a second AMT directional drilling and methane gas drainage system into the equally large and gas prone Russian market with further sale opportunities anticipated.”
As at 1128 AEDT, Industrea shares were up 3c to 37.5c.
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