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Kangaroo Island Plantation Timbers in MoU for landside construction at proposed KI Seaport

The agreement with Lucas Total Contract Services Pty Ltd creates a period of cooperation, exclusivity and confidentiality with a view to entering into a contract.

Kangaroo Island Plantation Timbers Ltd - Kangaroo Island Plantation Timbers in MoU for landside construction at proposed KI Seaport
KPT has extensive timber plantations on Kangaroo Island

Kangaroo Island Plantation Timbers Ltd (ASX:KPT) has entered an MoU with Lucas Total Contract Services Pty Ltd with the intention of undertaking landside works and construction at the proposed Smith Bay wharf site.

The MoU creates a period of cooperation, exclusivity and confidentiality with a view to entering into a contract for the work.

Export facility proposed

KPT’s proposed KI Seaport at Smith Bay is designed to provide for the shipment of timber products, including exports, from the company’s plantations on Kangaroo Island.

The MoU with Lucas TCS for landside works is intended to complement the existing arrangements with Maritime Constructions Pty Ltd, which cover marine works at Smith Bay.

Both companies are long-standing and substantial South Australian family-owned businesses with experience of working on Kangaroo Island, and of working together.

Committed to South Australian suppliers

The latest MoU is consistent with KPT’s commitment to use South Australian suppliers wherever possible.

Lucas TCS is a respected provider of civil construction services for infrastructure and developments.

It has built and maintained long-standing relationships with clients, consultants, suppliers and subcontractors at local and national levels.

This has assisted Lucas TCS to complete hundreds of varied civil construction, earthmoving and mining projects throughout Australia over the last four decades.

Lucas TCS director David Lucas said, “The Lucas Family looks forward to this project and it reaffirms its attachment and support to Kangaroo Island, where it has maintained a presence and operations for over 35 years.”

Environmental approvals stage

KPT’s proposed KI Seaport is proceeding through the environmental approvals stage with an Addendum to the Draft Environmental Impact Statement now released for public exhibition by South Australia’s Minister for Planning.

Shares last traded at $2.33 after reaching a new 12-month high of $2.59 on October 16.

Quick facts: Kangaroo Island Plantation Timbers Ltd

Price: 2.21 AUD

ASX:KPT
Market: ASX
Market Cap: $123.94 m
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