In Brief: Haddington to buy business for $11m

SUBIACO-BASED mineral explorer, Haddington Resources Ltd, will press ahead with its expansion strategy into drilling services via acquisitions, this time eyeing Brisbane-based company Phoenix Drilling Services Pty Ltd. The potential acquisition of Pheonix comes a week after Haddington said it would drop its planned takeover of Adelaide-based drilling company Underdale Drillers, which was expected to cost around $18 million. Haddington said it was unable to satisfactorily complete its due diligence enquiries into Underdale. The explorer, which holds projects in Western Australia, Indonesia and Madagascar, said the total acquisition cost of Phoenix was $11 million of cash and scrip. The deal is subject to due diligence and obtaining required approvals. The merger of both businesses is expected to provide cost savings as the Subiaco company’s drill company, Haddington Drilling Services, which currently has seven drill rigs, is also located in Brisbane. Haddington expects the Pheonix business to add around $11 million each year in revenue and $3.5 million in earnings.


(existing subscribers)

The password field is case sensitive.
Request new password

Add your comment

BNIQ sponsored byECU School of Business and Law


6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer