Crocodile Gold fka CRK

[theun1t]

CRk gets a new contract. buy while this is still low and slowly starting it climb back up into dollar land one day.

http://www.theajmonline.com.au/mining_news/news/2014/february/february-6-2014/other-news/downer-boart-longyear-win-nt-gold-mine-contracts

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Downer, Boart Longyear win NT gold mine contracts
by Oliver Probert — created Feb 06, 2014 10:24 AM
Junior miner Crocodile Gold has handed out three key contracts for its Cosmo Gold Mine development, 100km southeast of Darwin in the Northern Territory.


Downer, Boart Longyear win NT gold mine contracts

Downer EDI was on Tuesday awarded a two year deal, valued at around $70m, to provide underground mining services at the mine. The contract has an option for a third year, according to Crocodile.

Drilling specialist Boart Longyear won a two year contract of its own; it was awarded the diamond drilling contract by Crocodile, worth an as-yet undisclosed sum.

Crocodile also announced that once the Cosmo project is up and running, the Northern Territory Power and Water Corporation will hold the mine’s power supply contract.

“I am very pleased with the outcome of the contract tender processes and the outcome with the negotiations of the power supply contract,” said Crocodile Gold president and chief executive, Rodney Lamond.

Lamond said the tendering process was both fair and transparent, and said he thought it had resulted in the best contractors for the junior miner to partner with.

“I also feel that the contract terms provide the company and our new partners with the necessary flexibility and scalability in order to be responsive and adaptable to future variables, while also having a positive impact on our operational costs in the Northern Territory.

Downer EDI will take over underground operations at the Cosmo Mine in March.

The scope of Downer’s work there includes development, mining and all other associated works to maintain the required supply of mill feed ore at the mine’s underground operations, Downer said yesterday.

“Our highly skilled and experienced underground mining team looks forward to working with Crocodile Gold Corp on this important project,” said Downer chief executive, Grant Fenn.

The contract win was another positive step in a healthy 2013/14 financial year for Downer.

The company announced a half year net profit after tax (for the six month period ending December 31, 2013) of $99.1m.

While Downer Mining specifically has seen a 23.2% decline in revenue so far in 2013/14 – a figure it attributes to contracts winding up in the face of the resource decline – it can now add this Crocodile contract to its list of positives for this financial year; a list that also includes a 4.5 year mining services contract for the Roy Hill iron ore project, in WA’s Pilbara region.