16/06/2008 - 10:19

Haddington drops Underdale acquisition

16/06/2008 - 10:19

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Diversified base metals explorer Haddington Resources Ltd will not go ahead with its acquisition of Adelaide-based drilling company Underdale Drillers.

Diversified base metals explorer Haddington Resources Ltd will not go ahead with its acquisition of Adelaide-based drilling company Underdale Drillers.

Haddington said it was unable to satisfactorily complete its due diligence enquiries on Underdale.

The acquisition was announced earlier this year and was expected to cost around $18 million.

Underdale operates 12 mineral exploration rigs and is currently providing drilling services in South Australia, the Northern Territory, Western Australia and Victoria.

Haddington currently operates 6 drill rigs in central Queensland through its subsidiary Belldale Enterprises and 14 drill rigs in Indonesia through its subsidiary Asiadrill.

Haddington is targeting annual revenue from its drilling services businesses of $40 million from the operation of 40 drilling rigs across Indonesia and Australia, which it aims to achieve within the next 12 months through its expansion strategy.

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