Finning lands Chilean contracts worth $500 million

Vancouver-based Caterpillar equipment dealer Finning International Inc. (TSX:FTT) announced today that it has won three large contracts to provide equipment and maintenance services to Chilean ...

Vancouver-based Caterpillar equipment dealer Finning International Inc. (TSX:FTT) announced today that it has won three large contracts to provide equipment and maintenance services to Chilean mining companies.

Finning said the combined value of the contracts is US$497 million, with US$247 million in new equipment and US$250 million in maintenance services.

"We are extremely pleased to secure these significant mining contracts, which will help drive our continued growth in the near and distant future," said Marcello Marchese, president of Finning South America.

The contracts include:

  • a US$130 million equipment sale and a letter of intent for a five-year maintenance contract, valued at US$120 million, by CAP Minería for the company's El Romerai iron ore mine;
  • an eight-year maintenance services contract valued at US$130 million with Codelco for the company's El Teniente division's Rajo Sur mine plus a US$55 millon equipment sale; and
  • a contract valued at US$62 million from an undisclosed large mining company to provide mobile equipment to one of its Chilean mines.

jwagler@biv.com

@JennyWagler_BIV

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