TORONTO and MARSEILLE, France, Feb. 15,
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 a
major contract with Rio Tinto Western Australia Iron Ore.
This contract is for exploration and evaluation drilling
services in the Pilbara region, involving both Diamond Drilling and Reverse Circulation rigs
and is signed for 3 years firm plus 2 optional years extension. It
will involve a total of 7 rigs, most of them being remotely
operated, and has a total face value of 155 million AUD, or U$ 110
million, including options.
"We have been working for Rio Tinto Iron Ore in the Pilbara for
nearly a decade now and are very excited to start a new chapter of
our excellent relationships after having pioneered the first
remotely controlled RC rig in the country for them. We are very
grateful Rio Tinto management and its field people appreciate our
safe and reliable services and wish to strengthen our local
partnership furthermore, especially during these difficult pandemic
times. This is a great reward for all our employees, field crews
and support teams" said Daniel
Simoncini, CEO of Foraco. "We believe long term
relationships with world leaders like Rio Tinto is an efficient way
to increase our long term profitability resilience, while providing
good quality professional life to our employees with who we can
share a decent 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.
"Neither TSX Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release."
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,
2021, 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