Site Group soars 50pc on major training contract in the Philippines
Special Report: The Site Group share price has soared more than 50% today after announcing it had nabbed a $1.8 million contract for the recommencement of underground mining training at OceanaGold’s Didipio mine.
Valued at ~$1.8 million, the contract is for recommencement of underground mining training at OceanaGold’s Didipio mine in the Philippines with an initial cohort of 110 candidates.
The first three-month training program will kick off for candidates on Sunday, November 26, 2023 with SIT expecting additional cohorts from equipment suppliers and their customers to be contracted in 2024 now that the mine training facility is operational again.
SIT is forecasting mining resource and associated training to provide more than $4 million revenue per annum, commencing in 2024 for the subsequent three years.
In total, more than 500 new and existing OGC staff will collectively undertake various courses costing in the range from US$1,500 to $5,000 per person.
Courses include underground mining operations, confined space entry, working safely at heights, emergency response, scissor fift, boom lifts, manual handling, heavy diesel, mechanic training, automotive and electrical training.
SIT provides training services for the oil and gas, construction, mining, hospitality, and industrial sectors.
With a track record of serving renowned global clients like ExxonMobil, GE, Shell, and OGC, the company has vast expertise in upskilling international workforces at scale, particularly in areas demanding specialised and challenging skills.
After years of covid-19 disruptions, SIT is actively pursuing growth prospects, including upskilling the workforce in Saudi Arabia through a partnership with oil giant Saudi Aramco, under the Kingdom’s Vision 2030.
In 2015, SIT in conjunction with OGC constructed the Underground Mine Training Environment at Site Skills flagship training facility in Clark, the Philippines.
The multi-million dollar facility was built with a US $1 million contribution from OGC, strongly supported by Monark Equipment, Mynesight, Orica, Indodrill, Immersive Technologies and MineARC, with a capital and operational expenditure of ~$1.5m.
With 250m of metalliferous tunnelling, SIT says the facility has been purpose built for competency assessment and training of underground mine personnel across a range of programs
SIT says the facility is designed for all levels of experience and specialised crews and can accommodate 100 trainees simultaneously in the underground mine.
Furthermore, it says it has various crucial training areas, such as venting, ground support covering bolting, meshing, and shotcreting, underground vehicle operations, CABA operations, dewatering, rigging, lifting, and health and safety protocols.
Experienced workers can acquire expertise in drilling, blasting, emergency response/rescue, and firefighting.
SIT says all the training adheres to OGC’s standard operating procedures, ensuring no disruption to mine production during training sessions.
The company says the Underground Mining Training Environment signifies a substantial commitment to community service, fostering the development of safe and skilled work practices.
It says its available for training purposes to mining companies, contractors, and industry participants locally in the Philippines and worldwide.
This article was developed in collaboration with Site Group International (ASX:SIT), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.