Shaft Sinkers Holdings began work on an underground mine for the Kibali gold project operated by Randgold Resources in the Democratic Republic of Congo.
The South African developer of shafts for underground mines started work on a 760-metre vertical shaft, it said on Thursday. It won the contract, with a value of about $132-million, last year and seeks to complete it in November 2017.
Kibali, which started production in September, will be one of the largest gold mines in Africa when it reaches its annual output target of 600 000 ounces after the underground mine is completed, Randgold's chief executive Mark Bristow said. Randgold and AngloGold Ashanti each own 45% of the mine.
Shaft Sinkers built its business in South Africa, where some of the world's deepest mining shafts are located. It sees growing demand outside its home market for developing vertical shafts to supplement existing open-pit operations, chief executive Alon Davidov said.
The company in August was named as the preferred bidder for a $75-million contract to build a shaft for Kazchrome JSC in Kazakhstan. – Bloomberg