5th Sep 2022 12:57
(Alliance News) - Mincon Group PLC shares jumped on Monday as it signed its first commercial contract for its Greenhammer system.
Shares in the County Clare, Ireland-based engineering company were up 14% to 104.98 pence on Monday midday.
The Greenhammer system is a new drilling system developed by Mincon for the hard rock surface mining industry.
"It is a system that can deliver transformational productivity rates for large scale surface mining projects and thus offers significant energy savings to the customer," Mincon explained.
The contract is with an unnamed blue-chip mining contractor on a "major" gold mine in Western Australia.
Under the agreement, the Greenhammer system will be run on a Mincon-owned test rig with a full Mincon team to support drilling blastholes on an agreed price per metre drilled.
The company expects to be onsite at the mine and generating revenue in the fourth quarter of this year.
Chief Executive Officer Joe Purcell said: "I am delighted to announce the signing of the first commercial contract for our Greenhammer system, that has the potential to be a multi-million-euro contract for our group. This flagship technology development project has been the most ambitious undertaking that our engineering teams have delivered to date."
By Chris Dorrell; [email protected]
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