COSOL Limited has announced a new strategic contract with Glencore’s 49%-owned Koniambo Nickel SAS (Koniambo) project in New Caledonia, worth an initial A$4 million ($2.7 million).

The initial 12-month contract will contribute positively to the company’s 2023 financial year earnings, the company said.

COSOL will provide Koniambo with asset management services on-site and at a new remote operations centre in Brisbane, and is a result of a COSOL’s strategic plan to offer this service to the wider market, it said.

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 (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, COSOL says.

As part of the contract, COSOL will establish an Asset Reliability Centre 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 use its proprietary software platform and asset optimisation solutions to further add value to Koniambo in delivering this critical capability.