London-listed drilling, mining and laboratory services contractor Capital says its entry into Australia via the US$16 million acquisition of Kalgoorlie-Boulder-based Metres Down Under opens up a new growth channel via “the world’s leading provider of specialist underground reverse circulation drilling services”.
MDU reportedly generated circa-US$6 million of EBITDA on about $25 million of revenue – with 11 drill rigs – in the 12 months to the end of September 2026.
Capital executive chair Jamie Boyton said MDU’s contracts with AngloGold Ashanti at Sunrise Dam and Tropicana in Western Australia extended the group’s exposure to the gold major to five sites.
“Through MDU we are entering a new market with a business that has genuine technical leadership, an excellent team and a strong reputation,” Boyton said.
“Together we have an exciting opportunity to grow MDU’s established presence in Australia and introduce its specialised capabilities to Capital’s global customer base.”
Founded in 1997, MDU describes itself as the largest in-the-hole-hammer (ITH) underground drilling contractor in Australia and “one of the largest companies of its kind globally”.
“Joining Capital gives us the support and international platform to build on these strengths while continuing to deliver the specialist service our customers value,” director and co-founder Brian Eaton said.
Capital, which has a current market capitalisation of about £284 million, has increased 2026 group revenue guidance to US$435-455 million from $430-450 million previously.
“The increase reflects the consolidation of MDU’s revenue into the group from 30 September 2026,” it said.
