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IMDEX expands offering with Flexidrill acquisition

Image source: IMDEX Ltd.

IMDEX, a leading global mining technology company, has exercised its option to acquire New Zealand-based Flexidrill.

IMDEX obtained an exclusive option to acquire Flexidrill in January 2018, which enabled further development and extensive testing of its patent-protect technologies CoreVIBE and MagHAMMER.

These unique technologies will offer substantial drilling productivity benefits and improved safety for IMDEX clients globally.

There is strong industry demand for greater productivity and an attractive market for CoreVIBE and MagHAMMER, which complement IMDEX’s integrated solutions.

CoreVIBE has delivered significant improvements in penetration rates – up to 90% – in addition to realizing productivity gains of more than 30%.

Flexidrill is a strategic acquisition for IMDEX, which develops solutions that enable clients to drill faster and smarter, obtain accurate subsurface data and receive critical information in real-time.

IMDEX managing director Bernie Ridgeway said the acquisition presented a compelling investment proposition.

“We are confident these new technologies will be a step-change for the minerals drilling industry globally and deliver significant earnings growth for IMDEX over many years,” Mr. Ridgeway said.

“CoreVIBE and MagHAMMER are a strong strategic fit with our Drilling Optimization solution and strengthen the company’s position as a leading global mining-tech company.”

CoreVIBE uses high frequency, energy pulse-assisted drilling for wireline coring and provides significant advancement in core drilling productivity.

MagHAMMER uses a new hybrid drilling technique, which combines rotary diamond drilling with fluid-driven percussive drilling to achieve higher penetration rates compared to conventional coring. It improves safety and there is substantially less dust than compressed air reverse circulation drilling.

IMDEX has developed XTRACTA in-house to complement CoreVIBE and MagHAMMER. XTRACTA enables drill bits to be inspected or changed without retrieving the rods, significantly enhancing productivity, increasing safety and maintaining the integrity of the drill hole.

Summary of transaction

The transaction to acquire Flexidrill is expected to be completed in early January with the payment of NZ$3 million in cash.

IMDEX has already paid NZ$10 million (including cash and shares), with NZ$27 million in future share and royalty-related payments to be based on milestones achieved and revenue generated from the acquired technologies.

IMDEX is a leading global mining technology company, which enables successful and cost-effective operations from exploration to production. The company develops cloud-connected sensors and drilling optimization products to improve the process of identifying and extracting mineral resources.

IMDEX’s unique end-to-end solutions for the mining value chain integrate its leading AMC and REFLEX brands. Together they enable clients to drill faster and smarter, obtain accurate subsurface data and receive critical information in real-time.

(This article first appeared in the Canadian Mining Journal)