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Oz driller adds rigs to keep up with demand

ASX-listed Dynamic Drill & Blast has used additional finance secured last week to acquire three drill rigs.
Oz driller adds rigs to keep up with demand Oz driller adds rigs to keep up with demand Oz driller adds rigs to keep up with demand Oz driller adds rigs to keep up with demand Oz driller adds rigs to keep up with demand

Staff reporter

The company picked up three Epiroc D65 down-the-hole drill rigs, comprising two blast-hole configuration rigs and one reverse circulation rig.

DDB said the introduction of RC capabilities provided additional growth potential to carry out grade control drilling.

"With the current strong tendering pipeline, Dynamic continues to ensure access to the right fleet to undertake new projects, as well as service any scope increases that may take place within its diversified lithium, iron ore, gold, civil and quarry current client base," DDB managing director Mark Davis said.

The acquisition is being funded via an increased finance facility.

Last week the company reached agreement with Commonwealth Bank of Australia to increase its existing asset finance facility from $8.5 million to $10 million.

The acquisition increases DDB's fleet to 16 drills, comprising four DTH rigs and 12 top hammer rigs.

DDB listed on the ASX in August 2020 after raising $5 million at 20c per share.

Its shares closed 4.4% higher yesterday at 47c, valuing the company at $13.6 million.