Forrestania awards Tycho open pit gold mining contract to MEGA Resources
Forrestania Resources Ltd has announced that it has awarded the mining services contract for the development of the Tycho gold project open pit in the Eastern Goldfields region of Western Australia to MEGA Resources Pty Ltd. The contract encompasses drill and blast operations, excavation, loading and haulage of ore and waste, ore delivery to the run-of-mine stockpile, haul road construction and maintenance, pit services and associated mining support activities required for execution of the initial Tycho mining campaign.
MEGA was selected following a competitive tender process and demonstrated a strong technical and operational capability aligned with Forrestania’s development objectives for Tycho. The company believes MEGA’s proposed mining approach, fleet configuration and project team position the project well for a safe and efficient execution of the mining programme.
The statement said the award of the mining contract is a key step in Forrestania’s transition from project development into mining operations and further supports the company’s strategy as it advances toward first gold production. The Tycho contract has an estimated value of approximately A$27 million and incorporates a staged payment profile, including deferred payment arrangements during the early months of the mining campaign and standard industry payment terms thereafter.
Executive Chairman David Geraghty said: “Following a competitive tender process, MEGA demonstrated the experience, capability and operational approach required to successfully execute the Tycho mining campaign. We are pleased to partner with MEGA and look forward to working closely with their team to safely
and efficiently deliver the Tycho project and unlock value for Forrestania shareholders.”
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