COSOL Limited announced a new strategic contract with Glencore's Koniambo Nickel SAS (Koniambo) project. The initial 12-month contract has a value of $4 million and will contribute positively to FY23. COSOL will provide Koniambo with asset management services onsite and at a new remote operations center located in Brisbane and is a result of a COSOL's strategic plan to offer this service to the wider market.

This new contract builds on COSOL's existing relationship with Glencore across the globe, delivering operational efficiencies and material cost savings. Koniambo will also become the project for COSOL's Asset Management as a Service (AMaaS) (and will lead to future annuity revenue streams) which allows owners of asset intensive networks and operations to optimise their asset fleet, drive efficiencies, save money and remove waste. As part of the contract, COSOL will establish an Asset Reliability Centre (ARC) in Brisbane where a major focus will be on improving equipment reliability and master data across critical processes to enable effective asset management for the joint venture operation.

COSOL will utilise its proprietary software platform and asset optimisation solutions to further add value to Koniambo in delivering this critical capability.