As mining companies find attractive deposits in more remote locations, demand rises for this Canadian firm’s services.
The company’s advanced drilling techniques offer the most efficient way to identify and extract minerals that are difficult to access. In the latest quarter the stock’s revenue jumped in South and Central America, Asia and Africa. The company continues to report positive cash flow and maintains a strong balance sheet.
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MAJOR DRILLING (Toronto symbol MDI; www.majordrilling.com)is a large contract driller that mainly serves the mining industry.
Major believes that mining activity continues to deplete the world’s more easily accessible mineral reserves. That means attractive deposits will increasingly be in remote locations. Those areas are difficult to access or they’re where the mineral is deep in the ground. For this reason, the company’s strategy is to focus on providing highly specialized drilling services.
Among the advanced techniques the company employs are sonic drilling to sort waste rock and tailing piles, reverse circulation drilling to expand reserves in active mining projects, grade control for pit sampling, and pressure grouting to control groundwater.
The company also has percussive drilling services for every type of mining operation, and rotary drilling that can help energy companies explore and develop oil and gas wells.
Mining Stocks: Cash flow rose more than 180% in the most recent quarter
Demand for that kind of assistance, especially from copper producers and senior gold miners, is recovering. In the three months ended April 30, 2018, Major’s revenue rose 17.1%, to $95.4 million from $81.5 million a year earlier. More specifically, its revenue in the Canada/U.S. region increased 4%. It jumped 43% in South and Central America (largely because of higher output at its Chilean copper projects), and 55% for Asia and Africa.
The company continues to report positive cash flow: in the latest quarter, it rose 180.9%, to $8.7 million, or $0.11 a share, from $3.1 million, or $0.04, a year earlier.
Major’s balance sheet remains strong, with cash of $21.3 million, or $0.27 a share. Its debt is just $17.4 million.
Recommendation in Stock Pickers Digest: Major Drilling is a buy for aggressive investors.
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