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    Capital Limited–MDU deal: underground RC capacity and pricing signals for mines

    October 6, 2026|

    Reviewed by Joe Ashwell

    First reported on International Mining – News

    30 Second Briefing

    Capital Limited has completed the acquisition of Metres Down Under (MDU), a specialist underground drilling contractor based in Kalgoorlie-Boulder, Western Australia, giving it an immediate operating foothold in the Australian drilling market. The deal combines Capital’s existing global drilling fleet with MDU’s established underground reverse circulation (RC) capability and local management team in one of the world’s highest-activity hard-rock mining jurisdictions. For mine operators, the move signals increased competition and capacity for underground RC grade control and resource definition in Australian gold and base metal orebodies.

    Technical Brief

    • Underground RC capability is geared to grade control and short-interval resource definition from existing development headings.
    • Integration gives Capital an immediate underground-focused fleet, avoiding greenfield capex on new RC rigs in-country.
    • For mine owners, added underground RC capacity should compress assay turnaround and tighten stope design decisions.

    Our Take

    Most ‘Projects’ and ‘Contract Award’ pieces in our database focus on surface RC or diamond drilling rather than underground RC, suggesting this acquisition positions Capital Limited in a relatively specialised niche where contractor capability can be a stronger differentiator than fleet size alone.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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