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Watpac Limited (ASX:WTP) has secured an additional $35 million to its mining services contract on the Nullagine iron ore project in the Pilbara region.
The 50/50 joint venture is managed by BC Iron Limited (ASX:BCI) and includes the haulage of ore from the project’s satellite mines to the run-of-mine stockpile over the next four years.
The contract upgrade comes after BC said last week, that it had explored 3.55 million tonnes of ore ahead of schedule and is now achieving a steady production rate of 5 million tonnes per annum.
In the first half of its 2012 financial year Watpac generated a net profit of $4.9 million.
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