for personal use only may 2014 - asx · information is not a prospectus and should ... the...
TRANSCRIPT
Investor Presentation
May 2014
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Disclaimer
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The following disclaimer applies to this presentation and any ancillary documents provided containing information from or ancillary to the presentation (the Information). You are advised to read this disclaimer carefully before reading or making any other use of the Information. The Information is not a prospectus and should not be considered an offer or an invitation to acquire shares in Hughes Drilling or any other financial product. The Information is presented by Hughes Drilling for use only by the company or person to whom it is presented.
No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the Information and opinions contained herein and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information or opinions, for any errors, omissions or misstatements, negligent or otherwise, or for any other communication, written or otherwise.
Forward-looking statement, opinions and estimates provided in this Information are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements include projections, guidance on future earnings and estimates and are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Past performance information given in this Information is given for illustrative purposes and should not be relied upon as (and is not) an indication of future performance. Hughes Drilling undertakes no obligation to revise the forward-looking statements included in this Information to reflect any future events or circumstances.
Hughes Drilling’s results are reported under Australian International Financial Reporting Standards, or AIFRS. The Information may include references to EBITDA, EBITA, EBIT and NPAT. These references should not be viewed in isolation or considered as an indication of, or as an alternative to, measures reported in accordance with AIFRS or as an indicator of operating performance or as an alternative to cash flow as a measure of liquidity.
The distribution of this Information in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. The shares of Hughes Drilling have not been and will not be registered under the United States Securities Act of 1993, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the US Securities Act and applicable United States securities laws.
The Information does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the Information. You are solely responsible for seeking independent professional advice in relation to the Information and any action taken on the basis of the Information. No responsibility or liability is accepted by Hughes Drilling or any of its officers, employees, agents or associates, nor any other person, for the Information or for any action taken by you or any of your officers, employees, agents or associates on the basis of the Information.F
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PRODUCTION DRILLING
FOCUS
� Hughes continues to focus on production drilling contracts
� ~80% of rigs are contracted to production drilling operations on mine sites
� Remaining ~20% of rigs are contracted to water well service activities, mainly via Govt bodies
HIGH UTILISATION OF
RIGS
� East coast production drilling operations have ~85% utilisation of owned rigs
� After slow start up of several new production contracts plus cancellation of one 4 rig water well contract for Rail
Construction by a major client, West coast production and water drilling operations have ~85% utilisation of owned rigs, and
currently have an average of 8 rigs on dry hire / subcontract to meet current high demand from customers
REICHdrill
DISTRIBUTION
NETWORK EXPANDING
� East coast production drilling enquiries are at very high levels. Feedback indicates East coast rig fleet will be fully utilised.
� More rigs maybe required if Hughes’ traditional tender success rate occurs.
� West coast – since acquiring/merging with JSW, significant tenders have been submitted for possible use of Reichdrill rigs in
WA iron ore sector.
Operational Overview
STRONG PIPELINE OF
POTENTIAL NEW WORK
ON EAST AND WEST
COASTS
� REICHdrill has been focusing on re-engaging with existing customers and distributors
� REICHdrill has appointed new distributors in new territories;
� Mincon covering Sub Equatorial Africa
� Wajax Equipment covering all Canadian Provinces
� P.T. Powertrain Solutions covering Indonesia
� Midlantic Machinery covering, Central Pennsylvania, Maryland and Northern Virginia
� REICHdrill is achieving its goal of increasing its % of external sales
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Review of Operations – East Coast Contract Drilling (Hughes Drilling)
Production Blast Hole:
• Record revenue from East Coast Production Drilling for YTD to 3Q14, even though growth has softened in FY14 as expected.
• East Coast Production rig fleet has grown from 38 to 41 (compared to 38 from 27 in FY13).
• 2H14 has seen varying direction from the mine owners and major contractors seeing 3Q14 with reduced “metres drilled”. This had a direct impact on
revenue and profitability, however with current contract demand, the rig fleet is expected to be fully utilised by 4Q14 and FY15.
• It is expected that the high underlying EBITDA margins will be a little softer in 2H14, however, be in the 32.5% to 37.5% range (1H14 41.3%, 2H13 41.2% and
1H13 41.2%).
• The strong demand for Hughes service offerings can be attributed to Hughes being able offer a “one stop shop” drilling service. Hughes can offer any
combination of contract drilling and / or direct rig sale via REICHdrill, backed by a Rig Service Contract and Drill Consumables Contract via Express Hydraulics.
• Jellinbah Resources has approved an extension of the current overburden drilling contract at the Jellinbah Mine: Hughes has been working in partnership
with Jellinbah Resources since 2007 and the benefits of this long term relationship has culminated in an additional 4 years of contractual drilling services to
the Jellinbah Mine. It is intended Hughes will complete these works through existing plant, equipment and personnel.
• Yarrabee Coal Company Pty Ltd (Part of the Yancoal Australia Group) has approved a contract extension for the provision of overburden drilling services to
Yarrabee Coal Company, for an additional 2 years: This extension of continuous provision of drilling services highlights the excellent working relationship
between Hughes and Yarrabee Coal Pty Ltd.
• Hughes is currently in final negotiations with two blue chip major mining houses for the provision of new drilling service contracts in Queensland. These
contracts are long term contracts of 4 and 5 years.
• Positive discussions are progressing on another contract being extended with a blue chip major mining house ,with the high probability of adding an
additional mine to the existing contract.
• A tender documents has been submitted for a coal mine project in NSW requiring two drill rigs with commencement in July/August 2014 for two years.
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Review of Operations – East Coast Contract Drilling (Hughes Drilling)
Client Mine Region Core/Coal Type Number of Rigs Contract Expiry Contract Tenure
Anglo American Metallurgical Coal Foxleigh Bowen Basin, Qld PCI, thermal 2 Jan-16 3 years
TBA TBA Bowen Basin, QLD PCI, thermal 4 TBA TBA
Anglo Coal (Callide Management) Callide Bowen Basin, Qld PCI, thermal 2 Dec-14 2 years
BHP Billiton Mitsubishi Alliance Poitrel Bowen Basin, Qld HCC / SHCC 2 Nov-15 2 years
Downer EDI Boggabri Gunnedah Basin, NSW Export thermal 6 Nov-16 3 years
Downer EDI Millennium Bowen Basin, Qld PCI, coking, thermal 2 Mar-15 2 years
TBA TBA Bowen Basin, Qld Coking 2 June-19 5 years
Jellinbah Mining Jellinbah Bowen Basin, Qld PCI, SSCC 4 Apr-18 5 years
Leighton Sonoma Bowen Basin, Qld HCC, export thermal 5 Oct-15 7 years
MacMahon Group Eaglefield Bowen Basin, Qld HCC, PCI 1 Aug-14 1 year
TBA TBA TBA TBA 3 TBA TBA
TBA TBA TBA TBA 2 TBA TBA
Yancoal Yarrabee Bowen Basin, Qld PCI, export thermal 1 Dec-15 2 years
HD1 - Total Operational Production Rigs under Contract 36
Note: Excludes 1 rig being commissioned at Yatala , 2 rigs in for routine maintenance at Yatala , and 2 rigs in for routine maintenance at Mackay = 41
Contract Summary – East Coast Contract Drilling
0
5
10
15
20
25
30
35
40
45
Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
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East Coast Contract Drilling - Rig Utilisation
Production Rigs at Work Production Rigs on Hand
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Review of Operations – West Coast Contract Drilling (JSW Australia)
JSW: The acquisition of JSW was effective from 1 October 2013. The primary strategic objectives for the acquisition of JSW were to own a drilling business that
provided Hughes with access to on-mine blast hole opportunities in Western Australia, that the business be profitable and that it could possibly absorb the
existing delineation operations of Hughes. In respect of each of these objectives;
• JSW is currently in discussion with several parties regarding upcoming blast hole drilling contracts in the iron ore sector.
• JSW is profitable. Its order book immediately prior to settlement of the acquisition comprised largely of recently awarded contracts with deployment of
equipment and staff occurring through the December quarter and early 2014. Consequently, with the majority of all mobilisation activity completed in the
early 2014. JSW is generating growing month-on-month revenue, profitability and cash flow.
– Underlying gross and EBITDA percentage margins of contracts are in line with those considered in the pre-acquisition data on JSW.
– The high level of pre-mobilisation and mobilisation activity and hence cash costs has had a significant impact of the cash flow of Hughes Group in
1H14. This can be seen with debtors for JSW increasing from $3.3m at 30 September 2013 to $6.1m at 31 December 2013. JSW will recover the
cash outflow from clients in 2H14.
– One water services contract for rail works utilising four drills was cancelled shortly after commencement at the principles convenience and this
delayed full utilisation of the drilling equipment during 3Q14, however, those rigs are now fully utilised on new work
• JSW continues to win major long term contracts
• Two on-mine Grade Control drilling contracts for FMG at their Christmas Creek and Solomon operations.
• JSW’s first contract with the Water Corporation of Western Australia, for a reinjection bore at their Beenyup Waste Water Treatment
facilities.
• Water boring services at Sirius Resources Nova/Bollinger
• A new sample drilling contract for FMG at Christmas Creek.
• Another blast hole drilling contract for BHPB.
• JSW has taken over the management of the pre-acquisition Delineation Drilling operations of Hughes. Several tenders have been submitted on soft rock
projects for the delineation drilling equipment, however, market winning prices in this sector has been sub-economic so JSW has earmarked a significant
quantity of Delineation Drilling support equipment and inventory to be used in its Western Australian operations. All delineation equipment is fully owned
by Hughes from June 2014 and has no cash impact on operations.
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Review of Operations – West Coast Contract Drilling (JSW Australia)
Client Mine Region Commodity No of Rigs Contract Expiry Contract Tenure
BHP Billiton Boddington South Western Australia Bauxite (Blast Hole Drilling on Mine) 5 Feb-16 3 yrs
BHP Billiton Rocky’s Reward - Leinster Northern Goldfields Nickel (Blast Hole Drilling on Mine) 2 Jun-14 6 mths
BHP Billiton Mt Keith Northern Goldfields Nickel (Blast Hole and GC Drilling on Mine) 3 Feb-16 3 yrs
BHP Billiton Worsley Refinery South Western Australia Bauxite (Blast Hole Drilling) 1 Jun-14 6 mths
Local WA Government Various South Western Australia Water Services 2 Dec-14 1 yr
FMG Solomon Mine - Newman Pilbara Iron Ore (Grade Control on Mine) 5 Jul-16 3 yrs
FMG Christmas Creek - Tom Price Pilbara Iron Ore (Grade Control on Mine) 3 Sep-16 3 yrs
Mt Magnet Gold NL Mt Magnet Midwest Gold (Grade Control on Mine) 1 Aug-16 3 yrs
Sirius Resources Nova / Bollinger Goldfields Nickel (Water Services on Mine) 1 Jun-14 6 mths
Water Corporation Beenyup Perth Metropolitan Water Services 1 Jun-14 6 mths
Total Operational Rigs 24
Note: The above list includes an average of 8 hired / sub contracted rigs and excludes rigs in for routine maintenance plus 2 rigs available for work. Total Fleet up to 30 rigs.
Contract Summary – West Coast Contract Drilling
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5
10
15
20
25
30
Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
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West Coast Contract Drilling - Rig Utilisation
Owned Rigs at Work Hired Rigs at Work Owned Rigs on Hand
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Review of Operations – REICHdrill Inc
• Since Hughes’ acquisition of REICHdrill in March 2013, Hughes and REICHdrill have been focused on the expansion and re-establishment of REICHdrill’s
global distribution network.
• Recently REICHdrill appointed a number of new distributors in new territories;
– Mincon covering Sub Equatorial Africa
– Wajax Equipment covering all Canadian Provinces
– P.T. Powertrain Solutions covering Indonesia
– Midlantic Machinery covering Central Pennsylvania, Maryland and Northern Virginia
• Mincon has ordered 8 C550 REICHdrill medium diameter production rigs for clients in iron ore and gold. Delivery of these rigs will be April 2014 to June
2014.
• Komatsu Equipment Company (KEC), based in Salt Lake City ,Utah (servicing Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, North
Dakota, Utah and Wyoming) has secured the sale of the C550 Drill rig that was on display at the recent CON-AGG Convention held in Las Vegas in March.
• These new distributors will work closely with REICHdrill and are committed to promoting the REICHdrill rigs in the new territories.
• In addition to these new distributors and new territories, REICHdrill is currently in discussions to expand into Chile, Peru, Columbia and Panama.
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Review of Operations – Express Hydraulics
• Express Hydraulics (Aust) continues to expand through a focused business strategy to offer mine owners, not just the option of a contract driller, but
the option to owner-operate REICHdrill rigs with the back-up of Express Hydraulics (Aust)’s full rig service agreement.
• Express Hydraulics (Aust) has won the contract to supply up to 7 C700 REICHdrill large diameter production drill rigs to a major open cut coal mine in
the Hunter Valley NSW. The delivery of the 7 rigs will take place from 2014 to 2017. These REICHdrill rigs will be fully maintained by Express Hydraulics
(Aust).
• Express Hydraulics (Aust) has also expanded its footprint on the eastern seaboard to meet growing customer needs. In addition to its existing
operations;
– Yatala – main inventory store, CNC operations, heavy fit out, hydraulic and overhaul capabilities
– Hunter Valley – NSW operational base which, holds fast moving inventory for Hughes and customer operations
• Express Hydraulics (Aust) has opened a new facility in Mackay. This facility will also hold fast moving inventory for Hughes and customer operations.
The facility offers customers;
– Spare Parts and Consumables
– Rig rebuilding and servicing capabilities
– All mining ancillary equipment rebuilding and servicing capabilities
– All Hydraulic rebuilding and servicing needs
• The establishment of the new Mackay facility further demonstrates Hughes’ and Express Hydraulics (Aust)’s commitment to customers and the local
mining communities.
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Diversified Drilling Portfolio
Note – The forecast figures above include 12 months of existing Hughes and REICHdrill business and 9 months of JSW.
Revenue Contribution by Service
Revenue Contribution by Commodity Revenue Contribution by Location
Revenue Contribution by Drilling Sector
55%
16%
16%
13%Production
DrillingOther (Supply
Services)Development
Non Mining
(Water Well)
42%
6%14%
37%QLD
NSW
USA
WA
47%
13%1%
6%
7%
9%
16%1%
Coal
Iron Ore
Gold
Bauxite
Water
Nickel
Supply - rigs & parts
Other
55%
16%
13%
14%1%
Drill & Blast
On Mine Grade
Control
Water Drilling
ReichDrill
Services
Express
Hydraulics
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Hughes Group : Increased Scale and Profile
~A$96m - Revenue Business ~ 84 Rigs ~ 434 Skilled Operators
Revenue – FY14 (E) Estimated Total Rigs Estimated Employees/Contractors
383
13
19
11 84
0
10
20
30
40
50
60
70
80
90
FY13
Prod
Rigs
FY14
Prod
Rigs
FY13
Delin
Rigs
JSW
Own
Rigs
JSW
Hire
Rigs
Total
No
of
Rig
s214
50
170 434
0
50
100
150
200
250
300
350
400
450
500
Hughes Reichdrill JSW Total
Em
plo
ye
es
/ C
on
tra
cto
rs
51
15
40106
0
20
40
60
80
100
120
Hughes Reichdrill JSW Total
$ M
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Overview of the Hughes Group
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Blast-Hole Drilling REICHdrill Express Hydraulics Delineation Drilling JSW Australia
Overview Production drilling: Blast hole drilling in-pit for open cut coal
Manufacture, sales and distribution of REICHdrill drilling rigs, drilling
consumables and spares
Sales and distribution of drilling consumables and spares
Production drilling: Drilling for reserve delineation and structural support for
coal
Production related blast hole drilling, grade control, delineation drilling, mine dewatering, paste and U/G
service holes, casing advance drilling, drilling with a Geo-thermal, BOP,
water services.
FY14 Revenue Contribution ~40% ~20% ~2 % ~2 % ~38%
Key Assets(31 December 2013)
41 Rigs:• 18 x REICHdrill C750D• 16 x REICHdrill C700D• 2 x REICHdrill C550DII• 4 x Terex GD5000• 1 x SKS
Global client base:• USA• Canada• Australia• France• North West Africa• Southern Africa• Former Soviet Union• Indonesia• South East Asia
Agencies/Distributor for:• REICHdrill• Torquato• Sullivan Palatek• Thomson International• Halco• Ryco• N&N Drilling
13 Marketable Rigs: ~30 Rigs:• 1 x Strange Drilling SD1000• 1 x Strange Drilling SD200• 1 x Strange Drilling SD400• 1 x Strange Drilling SD800• 1 x Globe Drill SD850• 1 x Miller Mining SD450• 1 x Globe Drill SD350• 2 x Globe Drill KAL500-CP8• 1 x UDR RCD 450• 2 x UDR RCD 250• 3 x Atlas Copco TH60DH• 1 x Atlas Copco RD20• 5 x CAT/Montabert CPA XTEND (3
subcontract) #• 3 x GD5000 (3 on hire) #• 2 x Atlas Copco D65 (2
subcontract) #• 1 x VermeerD100x120Series 2• 1 x Diamond 6” Coring Rig (1 on
hire) #• 1 x Schramm 685 (SBD) (1 on hire
) #• 1 x Mackay Drilling 685 (1 on hire
) #Note: During the period an average of
8 rigs have been subcontracted or on
hire #
Contracts / Customers:• Anglo American • BHP Billiton• BHP Mitsui Coal• Downer EDI Mining• Fortescue Mining Group• Jellinbah Mining• Leighton Contractors• MacMahon Group• Mt Magnet Gold• Peabody Energy• Rio Tinto• Theiss Contractors• Yancoal
• Boggabri• Callide• Eaglefield• Foxleigh• Jellinbah• Millennium• Poitrel• Sonoma• Yarrabee
Global client base:• USA• Canada• Australia• France• North West Africa• Southern Africa• Former Soviet Union• Indonesia• South East Asia
• Other Hughes business units• Peabody• Sandvik
• Peabody • Beenyup Perth Metro• Boddington Mine Site• Christmas Creek Mine Site• Local WA Governments• Mt Keith• Mt Magnet Gold Mine• Rockys Reward Mine Site• Sirius resources• Solomon Mine Site• Worsley Refinery
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JSW LOCATIONS - GOLD
Mt Magnet Gold Mine
JSW LOCATIONS – IRON ORE
Christmas Creek Mine Site – Grade Control
Solomon Mine Site – Grade Control
JSW LOCATIONS – NICKEL
Mt Keith – Blast Hole & De-Watering
Rockys Reward Mine Site – Grade Control
JSW LOCATIONS – WATER
SERVICES
JSW OFFICES + SUPPORT CENTRES &
EXPRESS HYDRAULICS DEPOTS
Bibra Lake – Head Office
Kalgoorlie – Service Centre
Port Hedland – Service Centre
Boddington – Service Centre
Callide QLD
Eaglefield QLD
Foxleigh QLD
Jellinbah QLD
Millennium QLD
Poitrel QLD
Sonoma QLD
Yarrabee QLD
Boggabri NSW
HUGHES LOCATIONS - COAL
HUGHES OFFICES &
EXPRESS HYDRAULICS DEPOTS
Geographic & Commodity Diversification
REICHdrill FACTORY
Head Office - Yatala QLD
Service Centre - Mackay QLD
Service Centre - Singleton NSW
Not to scale
JSW LOCATIONS - BAUXITE
Boddington Mine Site - Blast Hole
Worsley Refinery – Blast Hole
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Local WA Government– Water Services
Beenyup Perth Metro – Water Services
Sirius Resources – Water Services
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Client Diversification
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Global Distributors – REICHdrill Rigs
REICHdrill FACTORY
United States - Phillipsburg PA
CANADA
Wajax Corporation
FORMER SOVIET UNION
INDONESIA &
SOUTH EAST ASIA
AUSTRALIASOUTHERN
AFRICA
NORTH WEST AFRICA
FRANCE
NORTH EAST USAWESTERN USA
NORTH EAST USA
Midlantic Machinery
Northeast Drill Supply
WESTERN USA
Komatsu Equipment Company
AUSTRALIA
Express Hydraulics
FRANCE & NORTH
WEST AFRICA
Eurofor SAS
CANADA
INDONESIA &
SOUTHEAST ASIA
PT. Powertrain Solutions Indonesia
FORMER SOVIET
UNION
Global Technology Group
SOUTH AFRICA
Mincon
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Hughes Corporate Structure
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Share price(1) 23.5cents
Shares on issue(1) 209.0m
Market capitalisation $49.12m
Debt(2) $46.32m
Cash(2) ($2.08)m
Enterprise value $93.35m
Capital Structure Register Composition Post Acquisition
1) Share price as at 14 October 2014. There are 4,415,000 options on issue and no performance
shares outstanding.
2) Debt & cash balance as at 31 March 2014. Cash net of overdraft.
Bob Hughes, 35.4%
Directors,
Management &
Employees
(Current &
Former), 16.6%
Other
Shareholders,
48.0%
Hughes 54
JSW* 30
Combined 84
Drill Rigs
Hughes 214
JSW* 170
REICHdrill 50
Combined 434
Employees
FY13A FY14E
Hughes ~$48m ~$51m
JSW* - ~$40m
REICHdrill** ~$2m ~$15m
Combined ~$50m ~$106m
FY13A & FY14E Revenue
* 19 Owned Rigs and ~8 subcontracted rigs
* Includes ~20 subcontracted employees
* FY14 Only 9 month revenue contribution from JSW
Register Composition
** FY13 Only 3 month revenue contribution from REICHdrill
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Highly Experienced Board
BOB HUGHES, Executive Chairman (Executive Director)
Bob is the founder of the Hughes Drilling business and major shareholder of Hughes. Bob started drilling career 37 years ago, providing drilling and blasting services for quarries
and mining operations. Established Hughes Drilling Pty Limited in 1991, initially contracting to Leighton and has been the driving force in the Company’s development.
ANDREW DRAKE, Chief Executive Officer (Executive Director)
Andrew joined Hughes Drilling in 2006 as General Manager and Chief Executive Officer. In the prior 17 years Andrew held managerial and business development roles with Dyno
Nobel, the world’s second largest explosives supplier.
BARRY O’CONNOR, Non-Executive Director
Barry has over 41 years experience in promoting and marketing premium mining, drilling and comparable products. Barry was previously Director and Head of Construction and
Mining at Sullair Pty Ltd, an international manufacturer of industrial compressors, until 2007. Prior to joining Sullair, Barry headed the rotating equipment division of BTR Nylex.
PAUL BRENTON, Chief Financial Officer and Company Secretary
Paul is a CPA with 18 years experience in accounting, corporate finance and commerce. Paul previously held the position of Chief Financial Officer of a large property
development group prior to joining Hughes in 2010. Prior to this Paul started his career with PwC working across a range of business sectors including to clients based in mining,
manufacturing and construction.
JOHN SILVERTHORNE, Non-Executive Director
John was co-founder of NRW Holdings Ltd, a listed public company that had a market capitalisation in excess of $1.0bn. John has 36 years Contract & Civil Mining Management
and Drilling experience.
JEFF BRANSON, Chief Operations Officer - Drilling (Executive Director)
Jeff is a Civil Engineer and co-founder and past Managing Director of Brandrill Limited, now part of Ausdrill, which was a 100 drill rig business with its primary focus being blast
hole and on mine grade control drilling. Jeff has over 33 years Drilling & Contract Management Experience.
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