London AIM-listed Tribe Technology will work with Australia’s Imdex on drilling technology development under a new alliance.
“While the agreement does not involve any minimum or guaranteed revenues for the group, Tribe Tech and Imdex will seek to work together to develop future technology, including through integration of both parties’ unique services, offerings, and experience,” Tribe said in a statement.
The Northern Ireland-headquartered company has built what it describes as the world’s first autonomous reverse circulation drill rig and has orders from large drilling contractors and mining companies.
Imdex, which acquired Norway’s Devico last year for A$334 million, has a growing portfolio of rock sensing technologies and software, and a large drilling fluids business that connects it with many of the world’s large and small drilling contractors.
The “joint development agreement” with Imdex was “an important step in our journey towards becoming a market leader in drilling automation in the mining industry”, Tribe CEO Charlie King said.
“We are always looking to enhance our offering and the agreement with Imdex provides an opportunity for Tribe Tech to add compelling new features to further capitalise on existing market opportunities,” he said.
Imdex’s share price is up about 20% this year, capitalising the company at circa-A$1.16 billion.
Tribe’s share price has dipped about 36% in the past month, leaving the company valued at about £9.6 million.
