IMDEX drills into core growth opportunities

Global mining-tech company IMDEX (ASX:IMD) continues to advance its growth strategy and boost revenue in Africa, the Americas, Asia-Pacific, and Europe with the recent acquisition of directional core drilling company Devico.

The $773.47 million market capitalisation company, which has a footprint in all major mining jurisdictions globally, says the recent acquisition delivers access to Devico’s reference gyro, DeviGyro, and a range of associated technologies.

IMDEX has also taken a 40% investment in Krux Analytics, which provides drilling analytics software.

These acquisitions, together with a 49% stake in image analysis company Datarock, complement IMDEX’s existing suite of technologies, all of which benefit from the company’s commitment to R&D.

IMDEX offers an integrated range of drilling optimisation products, cloud-connected rock knowledge sensors and data and analytics to improve the process of identifying and extracting mineral resources. It provides the tools and technologies to enable exploration and mining companies to find, define and mine orebodies with precision, confidence and at speed.

IMDEX Chief Executive Officer Paul House says the deals come at a time when Australian Bureau of Statistics (ABS) figures for the June quarter show a reduction in metres drilled against a June spending record of $1.069 billion.

A year-on-year comparison of metres drilled showed an 8% decline in the June quarter.

“The gap between increased exploration spend and the lower number of metres drilled is the productivity challenge that the industry needs to address.

The adoption of innovation, including the IMDEX drilling optimisation suite, is one way this can be achieved

The adoption of innovation, including the IMDEX drilling optimisation suite, is one way this can be achieved.”

IMDEX in its full year results delivered in August 2023 revealed record revenue and normalised EBITDA. It was the first results to include revenue from Devico.

Four months of revenue from Devico was included in growth of 19% in the Americas (7% of which was Devico); 20% in Asia Pacific (3%); and 25% in Europe, and Africa (8%). Devico contributed revenue of $20.6 million as IMDEX revealed record revenue of $411.4 million – an increase of 20.3% on the previous year.

 At the time of the full year results, House said the combination of IMDEX and Devico delivered a market-leading position in Europe, a market leadership position in directional core drilling, complemented IMDEX’s market leadership position in survey tools, and brought a world class Research and Development team and facility in Norway.

Meanwhile, IMDEX is poised to have a significant presence at the upcoming International Mining and Resources Conference (IMARC) held in Sydney starting 31 October. Mining.com.au is an official media partner of IMARC.

Chief Geoscientist and Chief Technologist Dr Dave Lawie will discuss ‘The Role of the Internet of Geosensing in Precision Mining and Resource Definition’ on 1 November. Chief Operations Officer Shaun Southwell will discuss the ‘New Approaches to Drilling Performance Based Contracts’ also on 1 November, while Chief of Strategy Dr Michelle Carey is in a panel discussion examining the ‘Top Three Technology and innovation Opportunities for Mining and METS on 2 November.

Later that same day Head of Global Accounts and Partnerships Clytie Dangar is in a panel discussion exploring ‘Collaborating on Robotics & Automation Capabilities between Mining & Space – What is required to advance these developments?’

Write to Adam Orlando at Mining.com.au

Images: IMDEX

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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.