Buoyed by a strong set of financial results for the September quarter, mineral drilling contractor Swick Mining Services is making plans to launch a deep exploration division.
The company’s Managing Director Kent Swick said the creation of this unit would “further strengthen the company’s market-leading position” in underground diamond coring.
The announcement came at the same time as the company revealed its September quarter financial results, which included revenue of A$36.7 million ($26 million, up 1% year-on-year), EBITDA of A$6.8 million (up 93% year-on-year), total metres drilled of 297,904 m and an average fleet utilisation of 75% across the quarter.
Kent Swick said: “During the quarter, we ordered some specialised deep-hole drilling kits that will be the most powerful rigs available in the Australian market.
“We expect our specialist team, with its purpose‐built equipment, to deliver great outcomes for our clients who in general are requesting more deep exploration holes to be drilled from underground.”
The company added in its results that demand for underground mobile rigs continues to remain high, while its surface RC drilling division had experienced a rebound.