Foraco International Shares Jump After $60 Million Contract in Australia & More News Here

By Adriano Marchese

  

Shares in Foraco International S.A. rose Wednesday morning after the corporate mentioned it was awarded a $60 million exploration and analysis drilling providers contract in Australia with BHP Group Ltd.

At 10:09 a.m. ET, the shares have been up 18% at C$2.17.

The Canadian mineral and water drilling providers supplier mentioned the contract at BHP’s Olympic Dam mining operation is signed for 3 years with an non-obligatory extension of two years. In whole, the contract entails 5 rigs, it mentioned.

Foraco mentioned that if the 2 12 months choices are exercised, the face worth of the contract may attain $90 million.

  

Write to Adriano Marchese at [email protected]

  

(END) Dow Jones Newswires

May 25, 2022 10:30 ET (14:30 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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