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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Codan Limited    CDA   AU000000CDA3

CODAN LIMITED

(CDA)
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Codan : Minetec Expands in South Africa

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07/07/2015 | 11:33pm EDT

Minetec, a division of Codan Limited (ASX-CDA), is pleased to announce the opening of its new wholly-owned subsidiary in Johannesburg, South Africa: Minetec RSA Pty Ltd. The establishment of this corporate presence demonstrates Minetec’s commitment to the African market. The new company will provide a solid platform for Minetec to further improve its product delivery and service capabilities in the region and build closer relationships with key customers.

“This is an important milestone in Minetec’s expansion,” said Rory Linehan, Executive General Manager. “We are committed to providing all of our customers with high technology solutions and world-class through life support. Given the demand for Minetec’s unique products and systems, it is a logical next step for Minetec to invest in the African market. The creation of Minetec RSA Pty Ltd provides a platform to recruit local expertise in order to serve our customer’s more effectively. ”

This strategic decision also recognises the emerging opportunities in South Africa in light of the recently legislated Department of Mineral Resources (DMR) regulations for Collision Avoidance Systems.

“It will soon be mandatory that every operating mine in South Africa will need to be compliant with the legislation for Collision Avoidance Systems. Minetec’s safety solutions are compliant with the new legislation and we are experiencing unprecedented interest in our SafeDetectTM product.” says Alan Fenelon GM Commercial Development.

The DMR now requires that a mine’s safety system automatically slows-down and stops a machine in order to prevent accidents. Minetec is the only systems supplier that can provide a single DMR-compliant solution for both surface and underground mining operations. These systems form part of the Minetec Unified Platform, which encompasses tracking, safety and productivity applications.

“We are uniquely qualified to help South African mine operators demonstrate compliance with these new regulations and also provide a platform for operational savings going forward.” added Mr Fenelon.

About Minetec

Minetec Pty Ltd, (Perth, Western Australia), a member of the Codan group of companies, is an established technology and service partner to the mining industry. The company provides integrated safety, productivity and communications solutions for surface and underground mining operations, including advanced tracking, mine operations management and collision avoidance systems.

For more information about Minetec, visit www.minetec.com.au.


© Business Wire 2015
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Financials (AUD)
Sales 2020 278 M
EBIT 2020 66,1 M
Net income 2020 48,9 M
Finance 2020 37,7 M
Yield 2020 2,89%
P/E ratio 2020 18,9x
P/E ratio 2021 17,1x
EV / Sales2020 3,17x
EV / Sales2021 2,91x
Capitalization 920 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 4,65  AUD
Last Close Price 5,11  AUD
Spread / Highest target -2,15%
Spread / Average Target -9,00%
Spread / Lowest Target -15,9%
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Donald Shields McGurk Chief Executive Officer, Executive Director & MD
David James Simmons Chairman
Michael Barton Chief Financial Officer & Secretary
Peter F. Leahy Independent Non-Executive Director
Graeme Barclay Independent Non-Executive Director
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