Shares in Aquirian surged more than 63 per cent after the emulsion explosive manufacturer notched a $20 million supply deal for the Mt Ida gold mine.
Shares in Aquirian surged more than 63 per cent after the emulsion explosive manufacturer notched a $20 million supply deal for the Mt Ida gold mine.
ASX-listed Aquirian told the market its subsidiary Western Energetics has secured a three-year supply agreement with private mining company Aurenne Group to supply its gold mine in the Goldfields.
The Perth-based company is currently ramping up its emulsion facility in Wubin, with today’s announcement marking its first material energetics and technology contract.
Last year Aquirian fired up the Wubin facility after it purchased the dormant plant in March from South Korean conglomerate Hanwha for $9.6 million. The facility has capacity to produce 160,000-tonne-per-year of ammonium nitrate against the backdrop of growing demand for explosives.
"I’m proud to announce that Western Energetics has signed a significant agreement with the Mt Ida gold mine in Western Australia,” Aquirian managing director Greg Patching said.
“Through this partnership, we will supply a unique package of energetic products, initiating systems, and our innovative Collar Keeper drill technology, showcasing our commitment to a customer-focused approach.
“This tailored solution not only optimises blast outcomes but also eliminates ‘single use’ plastics, reduces costs, and enhances efficiency for our valued customers. Western Energetics continues to play a key role in delivering our strategy across a growing customer base.”
Aquirian, which has a market cap of about $23 million after today's surge, has two divisions, the first being its mining solutions arm and the second its workforce services branch.
Shares in the company last changed hands at 29.5 cents apiece, surging up 63.88 per cent.
