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.
Mining companies are scaling back their operations, with Newmont Corporation and Kirkland Lake Gold cutting exploration in Australia and others including Rio Tinto shelving some of their international mines.
Our daily board moves wrap includes JianDong He, WeiJun Meng, AnGang Shen, ChengHu Zhu, Claire Poll, Natasha Santi, Donald Argent, Peter Thomas, Jordan McArthur, and David Nixon.
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.
Our daily board moves wrap includes Garry Perotti, Simon Adams, Reina Nicholls, Michael Rennie, Brian Phillips, Rob Tyson, Alan Bye, and Phillip Lockyer.
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.
SPECIAL REPORT - MINING SERVICES: Higher commodity prices and investment to maintain iron ore volumes could help lift mining contractors out of the doldrums after several tough years. Click through to see this and links to four other feature stories.
The first cargo of concentrate from Independence Group's Nova nickel mine has been dispatched to Kambalda, with the site's processing plant to reach nameplate production capacity of 1.5 million tonnes per annum in the middle of next year.
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.
SPECIAL REPORT: A record high Australian dollar price in June has provided a tailwind for the state's gold sector, and 2017 is looking to be a similarly positive year.
Northern Star Resources has cut its production guidance after agreeing to sell its Plutonic gold mine in Western Australia for an inital $37.5 million, but it plans to spend $130 million on exploration and expansion work at its other assets.
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.
The downturn in mining and construction activity in Western Australia has delivered a mixed bag of results for several contractors today, with the major surprise being a downgrade in MACA's revenue outlook.
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.
The last day of the profit reporting season delivered a few surprises for Western Australia-based mining services companies, with NRW Holdings incurring a bigger-than-expected loss, VDM Group shrinking at a rapid rate, Swick Mining Services showing some promise, and Resource Development Group staying in the black.
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.
