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.
SPECIAL REPORT: As the junior resources sector slows, so do the earnings of companies most exposed to the sector – exploration drilling and mining services firms.
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.
Perth-based mineral drilling firm Swick Mining Services has announced a record unaudited half-year revenue of $75.6 million as it prepares to expand further into North America.
Swick Mining Services is targeting the Australia-Pacific region and North America for further growth, after lodging a significant jump in net profit for the 2012 financial year.
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.
Swick Mining Services has been awarded a new underground drilling contract by Newmont Mining, which is expected to generate more than $50 million in revenue for the drilling specialist over three years.
Drilling specialist Swick Mining Services has raised $17.5 million that will be used to return a number of idle rigs to work over the next six months and for new growth opportunities.
Swick Mining Services has added further momentum to its North American expansion plans, today announcing it had signed its first United States contract.
Swick Mining Services plans to raise $14.5 million through a share placement and rights issue to fund expansion plans in North America and the construction of new drilling rigs.
Swick Mining Services has revealed it cut staff numbers by 120 late last year to match a sharp fall in demand for its drill rigs as it delivers a 30 per cent fall in its interim net profit.
Guildford-based Swick Mining Services Ltd has forecast revenue growth of 84 per cent for fiscal 2009 after posting a record full year net profit of $10.3 million on the back of higher demand.
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.
Swick Mining Services Ltd has been awarded new drilling contracts worth $55 million per annum with a number of leading mining houses including Consolidated Minerals, Oxiana, Jubilee, Territory Resources, Barrick and Newmont.
Guilford-based Swick Mining Services Ltd has announced a share placement to raise $28 million to expand its underground diamond drilling division, in conjunction with a partial sell-down by the Swick family of $40 million worth of shares.
South Guildford-based Swick Mining Services Ltd has recorded a net profit of $5.4 million in its first year of trade on the Australian Stock Exchange, which it says was a result of strong demand for underground diamond drilling.
South Guildford-based Swick Mining Services has raised $20 million through a placement, funding the company's drill rig program for its underground diamond drilling division, the company announced today.
South Guildford-based Swick Mining Services Ltd will provide Newmont Mining Corporation with up to nine underground drill rigs at two gold mines after signing a three year contract with the US-based giant.
Drilling services company Swick Mining Services Ltd has debuted on the Australian Stock Exchange at a 32.5 per cent premium to its offer price of 20 cents.
