Muscat Securities Market-listed Omani construction company Galfar Engineering & Contracting has been awarded a $2.4m (OMR918,000) contract to work on a project by Brazilian miner Vale SA.
Galfar said in a bourse missive that it had been awarded a contract to deliver civil works and services related to the 4th Ball Mill – Wet Grinding project by Vale SA.
Vale’s contract was effective from 7 July, 2019, and the project’s completion period is 321 days, Galfar added in the statement signed by its chief executive officer, Hans Erlings.
On its website, Vale says it entered Oman in 2007, and operates from its industrial complex in Sohar, where it built a Pelletizing Plant and Distribution Centre. Its partners in the sultanate include Oman Oil Company, Sohar Port Freezone, and Oman Shipping Company.
According to a Reuters report, Vale is currently being investigated by CVM to explore if its executives “breached their fiduciary duties” in relation to a dam collapse that killed 250 people this January.
The report added that CVM’s investigation “does not concern environmental issues”, which CVM said “other agencies are looking into”.
