TORONTO and MARSEILLE, France, Nov. 29, 2022 /CNW/ - Foraco International SA (TSX: FAR) (the "Company" or "Foraco"), a leading global provider of mineral and water drilling services, today announced it has been awarded recently a series of major contracts with Vale Canada.
Over the last few weeks, Foraco has won new contracts and successfully negotiated multiyear extensions to existing contracts with Vale Canada for the provision of exploration, definition drilling and large diameter rotary drilling. The exploration and evaluation drilling services – both surface and underground – are key services for Vale operations and include drilling at the Voisey Bay mine in Labrador, Copper Cliff and Coleman mines in Ontario as well as at Thompson mine, Manitoba. All operations involve deep directional diamond requiring a total of 30 rigs, and have a total face value of $74.8million CAD, or U$ 55.0 million.
"We are partnering with Vale in Canada since 2007 and developed an excellent relationship with this prestigious Client which was one of the very first to test us for our deep directional drilling technology. This is a great reward for all our staff, engineers, field crews and support teams," said Daniel Simoncini, CEO of Foraco.
"As already stated before, we believe long term relationships with leading global mining companies like Vale are an efficient way to increase our business model resilience, ensure a stable and fair financial return while providing good quality professional life to our employees with who we can share a time horizon long enough to develop them, train them and make them safer and happier."
About Foraco International SA
Foraco International SA (TSX: FAR) is a leading global mineral and water drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the third largest global drilling enterprise with a presence in 22 countries across five continents. For more information about Foraco, visit www.foraco.com.
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Caution concerning forward-looking statements
This document may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the future financial or operating performance of the Company and capital and operating expenditures. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 30, 2022, which is filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
SOURCE Foraco International SA
