A Contract worth $10.5 million for the supply, fabrication, and erection of steel tanks and silos at the Ravensthorpe Nickel project near Esperance has been awarded to aiConstruction Ltd, the wholly owned subsidiary of aiLimited.
aiLimited executive director Peter Hutchinson said with major works in progress, including with Chevron Australia, Roc Oil and Chirano Gold Mines in Ghana, West Africa, aiConstruction was set to produce a significant increase in site-work revenue for the forthcoming year.
He said the company’s directors expected total revenue for the 2005-06 year to exceed $30 million compared with actual 2004-05 revenue of $13.5 million.
The company was considering several corporate options as to the creation of further value for aiLimited shareholders via the subsidiary, he said.
aiLimited was founded in the mid 1980s and operated as an investment company with interests in gold mining, property, technology, maintenance, manufacturing, engineering and automotive parts production
But, since 2001, the company has undertaken a sell down of most of its assets and reinvested the sale proceeds into a strategy to develop its automotive business, aiAutomotive, into a supplier of original equipment components to the automotive industry.
aiLimited comprises aiAutomotive based at Woodville in South Australia and aiConstruction at Bibra Lake.
There is a deadline of June 2006 for the steel tank contract.
