Capital Limited (LSE:CAPD) has agreed to acquire 100% of Australian underground reverse circulation drilling company Metres Down Under for total consideration of up to approximately US$16 million.
The acquisition provides Capital with an operating base in Western Australia and adds specialist underground reverse circulation drilling capabilities to the group’s existing mining services operations.
Metres Down Under, described in the supplied material as Australia’s largest specialist underground reverse circulation drilling company, has an 11-rig fleet and nearly three decades of experience in the sector.
The business has contracts at mining operations including Sunrise Dam and Tropicana and is expected to contribute approximately US$25 million in annual revenue.
Capital Raises 2026 Revenue Guidance
Following the acquisition, Capital increased its 2026 group revenue guidance to between US$435 million and US$455 million.
The company maintained its existing guidance for capital expenditure and MSALABS.
Metres Down Under will continue operating as a distinct business within the Capital Group. The acquired company uses remotely operated drilling technology alongside its underground reverse circulation drilling fleet.
The transaction also expands Capital’s existing relationship with AngloGold Ashanti through Metres Down Under’s activities at mining operations including Sunrise Dam and Tropicana.
Capital Limited Operations
Capital Limited is a mining services company providing drilling, mining, equipment maintenance and geochemical laboratory services to the minerals industry.
Its services cover exploration, delineation and production drilling, load and haul operations, equipment maintenance and geochemical analysis. The group operates across Africa, the Middle East, Asia-Pacific, Europe and the Americas.
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