Foraco secures $75M in contracts, extensions with Vale

Over the last few weeks, Foraco International (TSX:FAR has won new contracts and negotiated multiyear extensions to existing contracts with nickel miner Vale Canada worth $75 million. Foraco will provide 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 in Manitoba. All operations involve deep directional diamond requiring a total of 30 rigs, and have a total face value of $74.8 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.

For more information, visit www.Foraco.com.