Swick recommits to Orexplore demerger

Swick Mining Services has revisited its Orexplore Technologies demerger with a commitment to create the new entity by the end of the year.

The company announced in February it would be delaying the demerger until the 2022 financial year due to other company priorities.

Swick announced the recommitment after appointing Orexplore managing director Brett Giroud effective from July 1, 2021.

Orexplore is made up of Swick’s drilling business and mineral technology business.

According to Swick managing director Kent Swick, commercialisation of Orexplore is progressing.

“We have progressed the demerger of our mineral technology business from our drilling business to unlock its full value as a separate entity,” he said.

“The appointment of Brett, who has the commercial and technical expertise required to lead this leading technology business, is a key step in this process and we are extremely pleased to have someone of his calibre appointed.

“Progress towards commercialisation has continued steadily as we have tested and refined the technology. The potential for the technology is real and can unlock benefits for our customers throughout the whole mining life cycle from exploration to processing.”

Swick has also introduced the new Future of Drilling department to boost its innovation through an entity separate to its engineering business.

Swick Future of Drilling will be made up of two major projects, including Swick’s Gen3 E-Rig, an electric diamond drill rig that removes all diesel power, and Remote Control Drilling which will allow operators to use drill rigs through video linked controls.

“At Swick we have always had a focus on developing a competitive advantage through innovation, as the pioneers of mobile underground diamond drill rigs and now building our Futures Department to provide innovative solutions in relation to ESG matters faced by our clients,” Kent Swick said.

“These new solutions will set a new benchmark for best-practice drilling, and will provide Swick with a significant competitive advantage and meet the changing demands of the industry.”

The company has anticipated strong revenue for the 2021 financial year, with unaudited revenue slated to land between $153 million and $156 million.

Swick has 43 drill rigs operating in Australia and 14 internationally with utilisation to increase over the next 6-12 months.

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