TSX:FTT - Post Discussion
Post by
retiredcf on May 24, 2022 10:17am
TD
Finning International Inc.
(FTT-T) C$32.10
Two Mining Fleet Orders Announced Event
Finning announced the award of two large mining contracts, one in western Canada and one in Chile.
Impact: POSITIVE
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Although the size of the contracts were not disclosed, both are multi-million-dollar orders, which will add to Finning's installed base and generate product support revenue for 10+ years. We see these contracts as evidence of upcycle demand conditions in mining, and of the company's growing relationship with Codelco.
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Finning will deliver primary and ancillary Caterpillar mining fleets to Artemis' Blackwater Gold Project in western Canada, which is targeted to start up in early-2024. The agreement includes the supply of 793F off-highway trucks and hydraulic shovels, plus the provision of product support for a five-year period, with the term extendible by another five years at the customer's option.
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Finning will deliver 13 Caterpillar 798AC electric drive off-highway trucks to Codelco's Ministro Hales mine and support the fleet under a 10-year maintenance and repair contract. These trucks will add to the existing Caterpillar fleet at the mine, and are scheduled for delivery in H2/22.
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