Five years after selling to AJLucas for $150 million, the Mitchell family is to merge its new drill sector assets into troubled contractor Drill Torque, in which Washington H. Soul Pattinson is a large shareholder. The Mitchell Family have made the strategic re--entry into the Australian market at a time, viewed by many as the low side of the market. On it's joining with the listed entity The Mitchell Group brings a history of over 50 years of success in the in the drilling industry and a reputation to match. Nathan Mitchell is to be appointed as CEO and is excited by the challenge of once again building one of the most successful drilling companies in the country.
Drill Torque Ltd: says Mitchell Family Investments (QLD) Pty Ltd holds 86,640,890 shares of person's votes representing 29.88 percent of voting power in the company as of Nov. 29
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About Drill Torque:
Drill Torque Limited provides exploration and mine site contract drilling services to the mining industry. It offers auger drilling, rotary air blast drilling, rotary mud drilling, reverse circulation drilling, and diamond drilling services. The company’s fleet includes 35 drill rigs, including heavy duty rotary air/mud rigs, medium to heavy multipurpose drills, surface and underground diamond drills, horizontal drilling rigs, air core drills, and specialty units. It has operations in Queensland, the Northern Territory, and South Australia, as well as in Papua New Guinea.