Oct 30 2009
Expected Revenue of Contract Valued at $2.6 Million
Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its subsidiary, Cavico Energy, has signed a contract with Transportation and Construction JSC (Mitraco), a subsidiary of Ha Tinh Minerals and Trading Corporation, to remove the surface layer of dirt and rocks at Thach Khe Iron Ore Mine.
Cavico will excavate and remove 1.5 million cubic meters of dirt and rocks, construct a temporary access road and clear and level the construction service area. The project is expected to be completed within fifteen months.
Thach Khe Iron Ore Mine is considered to be one of the most important national iron ore mine projects in Vietnam. The 544-million ton reserve project is located in Thach Ha village, in the Ha Tinh province in northern Vietnam close to Hanoi. According the overall scheme and design of this project, there is a total of approximately 13 million cubic meters of surface dirt, common earth and rocks that is needed to be excavated and removed.
“Cavico is pleased to have been awarded this initial contract from Transportation and Construction JSC,” comments Mr. Hai Thanh Tran, vice president of Cavico Corp. “However, it is only a fraction of the overall surface needed to be removed from the site associated to with this project. We believe that with our skilled labor and modern equipment, we are confident that with continued dialogue the existing scope of work on this site will increase in time.”
Source: http://www.cavicocorp.com/web/cavico/default.html