- Vysarn (VYS) subsidiary Pentium Hydro secures a drilling contract with Iluka Resources (ILU)
- The contract is an add on to the original contract announced earlier this year
- Under this contract, Pentium will provide drilling services to de-water wells at Iluka’s Cataby mine site in Western Australia
- Pentium will move to the site next month to commence the drilling work, which is expected to be completed in the first half of the 2022 financial year
- On the market today, Vysarn is up 5.68 per cent and trading at 9.3 cents per share
Vysarn (VYS) subsidiary Pentium Hydro has secured a contract with Iluka Resources (ILU).
The drilling contract is a variation of the original contract announced earlier this year.
Under the contract, Pentium will provide drilling services to de-water wells at Iluka’s Cataby mine site in Western Australia.
Notably, the contract is expected to have a value of $1.74 million.
Pentium will move to the site next month to commence the drilling work, which is expected to be completed in the first half of the 2022 financial year.
“Pentium is delighted to be chosen again as the successful tenderer to provide Iluka hydrogeological drilling services. Iluka continues to be an important client for our company and the award of the contract provides a further endorsement of the quality of Pentium’s service offering,” Managing Director James Clement said.
“Of note, this work now provides a contract pipeline exceeding the capacity of Pentium’s current fleet of 12 rigs in the first half of the 2022 financial year. Management intend to lease or enter into hire purchase arrangements to execute the work in hand with additional drill rigs.”
On the market today, Vysarn was up 5.68 per cent and trading at 9.3 cents per share at 12:22 pm AEST.