African contract for Ausdrill

LOCAL exploration drilling company Ausdrill has announced that its wholly owned subsidiary, African Mining Services, has been provided with a letter of intent for drilling services at Newmont Mining’s Ahafo gold project in Ghana. The initial contract term is for three years from January 2006 and is expected to generate revenues of approximately $US25 million over the period, Ausdrill said. The project requires about $US6 million of new capital for the project, and will be funded primarily through debt facilities. A formal award of the project is subject to a number of conditions being met, including the execution of formal contract document. The contract award comes after Ausdrill recently acquired the outstanding 50 per cent interest in its African Mining Services subsidiary from Henry Walker Eltin following its voluntary administration.

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