Foraco International Secures Major Drilling Contract in Chile
Foraco International Announces New Drilling Contract
Foraco International SA, a prominent name in the global drilling services industry, has secured an impressive three-year contract with Glencore, valued at approximately $34 million. This contract will see the company provide extensive drilling services at Glencore’s Lomas Bayas Mine.
Development Focus and Exploration Initiatives
This engagement is pivotal to mine development and serves as a critical component for resource definition drilling, supporting both development programs and exploration efforts in the surrounding region. By mobilizing at least four drilling rigs, Foraco aims to support a diverse array of drilling activities, including reverse circulation and core drilling. This initiative is set to reinforce Foraco's solid presence and reputation in the region.
Mobilization and Operational Readiness
Mobilization for the drilling operations is already in process, with plans for activities beginning in the near future. Foraco boasts over 25 years of operational experience in the region, establishing itself as a trusted provider of flexible drilling solutions to major mining enterprises.
CEO's Statement on the Contract Award
Tim Bremner, CEO of Foraco International, expressed his enthusiasm regarding the contract: "We are extremely proud to have been awarded this significant contract with Glencore. This win underscores the enduring relationship and mutual trust we have built with Glencore over many years. It highlights the strategic importance of Chile within our global operations and reflects our commitment to delivering safe, efficient, and innovative drilling solutions for our valued clients. Foraco's tendered and bidding pipeline continues to build, reflecting well-capitalized producers and developers that aspire to expand drilling programs, with copper and gold prices near all-time highs."
About Foraco International
Foraco International SA (TSX: FAR) stands as a leading global mineral drilling services provider, recognized for its reliable and comprehensive offerings across mining and water projects. The company is built on core values of integrity, innovation, and involvement. It has grown to be the third largest global drilling company, operating in 17 countries on five continents. For more information about Foraco, visit their official website.
Frequently Asked Questions
What is the significance of the contract awarded to Foraco International?
The contract represents a significant investment by Glencore, aimed at enhancing mining development and exploration at the Lomas Bayas Mine in Chile.
How will Foraco support the drilling activities?
Foraco will mobilize at least four rigs to carry out various drilling operations, including core and reverse circulation drilling.
What is Foraco's experience in Chile?
Foraco has over 25 years of operational experience in Chile, demonstrating a strong track record of providing versatile drilling solutions.
Who is the CEO of Foraco International?
The CEO of Foraco International is Tim Bremner, who has expressed pride in the company's achievement of securing the contract with Glencore.
What are Foraco's core values?
Foraco's core values include integrity, innovation, and involvement, which guide its operations and interactions with clients worldwide.
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