Minetec wins $1.8 million contract for deployment of underground tracking technologies

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COMPANY ANNOUNCEMENTS PLATFORM AUSTRALIAN SECURITIES EXCHANGE

Minetec, a wholly owned subsidiary of Codan Limited, has entered into a $1.8 million contract with RUC Cementation Mining Contractors Pty Ltd for the delivery of high precision tracking, visualisation, task management and proximity detection solutions in a Western Australian mine owned by a subsidiary of Saracen Mineral Holdings Limited (ASX:SAR).

This technology allows underground miners to ‘stop working in the dark’; the Minetec solution is enabled by WASP, the world’s most reliable underground GPS and wireless communication system. When WASP is combined with our proprietary SMARTS™ task management system, it allows underground miners to solve difficult production problems in real time.

This contract validates Minetec’s stated strategy of targeting underground hard-rock gold, copper and diamond mines with a unique technology platform providing enhanced tracking, safety and productivity. The system utilises Minetec’s sub-metre tracking and proprietary
task management software, SMARTS™.

The revenue will be realised during FY17.

On behalf of the Board

Michael Barton
Company Secretary