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Codan getting kick out of mining

Posted by: Admin | Posted on: May 18th, 2018 | 0 Comments

On the back of a material contract win in mining and company announcement today confirming its strong full-year net profit target (circa A$38 million) and balance sheet, Codan shares rose 7.3% by mid-afternoon and have picked up 8.5% in the past week.

The company’s current market capitalisation is around $524 million.

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Codan’s Minetec business, the focus of considerable investment in the past five years, won the Olympic Dam order “after a highly competitive tendering process”.

“Minetec … provides high-precision tracking, productivity and safety solutions for underground hard-rock mines,” the company said.

Half the $9.5 million contract is expected to be delivered in FY18 and the balance in FY19.

 

Article source: http://www.mining-journal.com/stocks-market-insight/news/1338563/codan-getting-kick-out-of-mining

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