Codan getting kick out of mining
Leading international seller of metal detectors and communications devices, Codan (ASX: CDA), says a A$9.5 million deal to supply the massive BHP-owned Olympic Dam copper-uranium-gold mine with an underground fleet management system validates the competitive standing of its product in the market.
Staff reporter
ASX-listed Codan is seeing stronger payback on its investment in mining technology
18 MAY 201818/05/2018commentsshareOn 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.