Brierty Receives Letter of Intent for Karara Iron Project
Civil and mining contractor Brierty Limited (ASX: BYL) announced in December last year that it had been named preferred contractor on a significant contract valued at approximately $150m over three and a half years and that the contract terms and conditions were subject to negotiation.
We further advise that a letter has been received from Karara Mining Ltd advising of its intention to enter into a Hematite Mining and Associated Services contract with Brierty for the Karara Iron Ore Project and authorising the procurement of key plant and facilities and the engagement of personnel.
The contract terms and conditions are still being negotiated.
The project is expected to commence in the fourth quarter of the 2011 financial year.