Swick Mining Services is on track to demerge and list its Orexplore Technologies business, with a shareholder meeting scheduled for next month and documents submitted to ASIC.
Swick Mining Services has postponed the demerger of its mineral technology business, Orexplore, resulting in the abrupt resignation of the subsidiary's managing director.
Swick Mining Services says it remains on track to demerge its drilling and mineral technologies businesses after raising its order book to $363 million.
Perth-based Swick Mining Services has been contracted by BHP to continue underground drilling services at the Olympic Dam copper mine in South Australia.
Contractor Swick Mining Services has raised its order book to $244 million after receiving an extension of works with Perilya and Northern Star Resources.
Drilling contractor Swick Mining Services will proceed with its first interim dividend payout in five years, while also announcing a $1 million share buy-back program.
Swick Mining Services has begun a strategic review of its drilling and mineral technology divisions, while at the same time announcing its first interim dividend in five years.
Swick Mining Services has secured extensions with Northern Star Resources and Barrick Gold, as well being selected as a preferred tenderer by Silver Lake Resources.
Shares in Swick have jumped 10 per cent, after the drilling business revealed its earnings before interest, tax, depreciation and amortisation (EBITDA) rose 58 per cent compared to the prior corresponding period.
Swick Mining Services has announced the first commercial agreement for use of its Orexplore mineral scanning technology, which has been developed over the past seven years.
Swick Mining Services has announced two contract extensions worth about $80 million, including a renewal at Northern Star Resources' Jundee gold mine near Wiluna.
Three local mining contractors have released their half-year results today with mixed outcomes, as Ausdrill posted a big increase in profit while MACA and Swick Mining both registered a decline in profit despite increased revenue.
Revenues at Swick Mining Services are up, in another sign of a strengthening mining sector, with managing director Kent Swick saying the new financial year had brought some optimism.
Swick Mining Services has raised about $5 million from investors to fund the buyout of minority shareholders in a mineral analysis and measurement technology company in which it already owns a major stake.
Swick Mining Services shares closed 14 per cent higher on the ASX today after the company announced it had been named the preferred proponent for underground drilling work for Newmarket Gold.
Perth-based Swick Mining Services has flagged a $3 million net loss for the financial year, as the company works to improve productivity to weather the tough times for mining contractors.
Swick Mining Services has won two new contracts for work with Independence Group, while the local subsidiary of Queensland firm Hughes Drilling has also picked up more work.
Perth-based Swick Mining Services has won a number of new contracts and renewals with Newmont Mining, with 15 rigs expected to be in operation by early next year.
Drilling contractor Swick Mining Services has flagged an impairment of up to $25 million in its full-year result, on the back of troubled times in the mining services sector and the low use of its assets.
Western Australia's minerals exploration spending has reached its lowest level since the March quarter of 2007, according to the latest update from the Australian Bureau of Statistics.
Perth-based Swick Mining Services says it made a number of redundancies to minimise costs during the March quarter and plans to make an impairment adjustment at year's end, despite an increase in demand for underground drilling from its existing clients.
Drilling services provider Swick Mining Services has released its earnings and dividend for the 12 months to June 30, with net profit after tax down 83 per cent year-on-year to $1.5 million.
An unscheduled shutdown by one of its key mining clients has forced Swick Mining Services to again lower its revenue guidance, despite a rebound in fleet utilisation.
Drilling contractor Swick Mining Services is planning to invest up to $6.5 million in a Swedish mineral analysis technology company as it looks to turn around its performance.
Swick Mining Services has forecast lower annual earnings and cut more than 100 staff in the space of 12 months amid challenging conditions in the mineral drilling sector.
SHRINKING profit margins and dwindling cash balances in the junior mining sector are not only putting pressure on miners, but also those who provide key services to the sector.
‘UNPRECEDENTED' would be an apt word to describe demand for the services of family owned and operated Wallis Drilling, which has done surface drilling work for some of the biggest open-pit miners s
Swick Mining Services has signed yet another contract with Newmont, this time a short term diamond drilling contract at Newmont's Deep Star Mine in the United States state of Nevada.
Mineral drilling company Swick Mining Services Ltd has announced a record first half profit and an upgrade to its full year earnings forecast, as it continues its market expansion.
