London-listed mining services company Capital increased its 2022 revenue by 28% year-on-year to $290.3-million, slightly ahead of the upper end of its revised guidance of between $280-million and $290-million.

This is the third consecutive year Capital delivered growth in revenue, following 68% year-on-year growth in 2021 and 18% growth in 2020.

Non-drilling revenue contributed 28% of total revenue in 2022, compared with 22% in 2021, driven primarily by the increased contribution from mining services and MSALABS – Capital’s laboratory services company.

The average fleet use in 2022 was 79%, an increase on the 75% achieved in 2021.

Further, Capital reports that it secured notable new contracts in the fourth quarter of 2022, with a two-year contract extension for underground grade control drilling with Barrick at the Bulyanhulu gold mine, in Tanzania; and a three-year contract extension (with a two-year further extension option) for grade control and reverse circulation drilling at B2Gold’s Fekola gold mine, in Mali.

The company was also awarded an underground contract with Barrick for an additional rig at North Mara, in Tanzania; and an extension of the exploration contract, including additional rigs, with Tembo Mining at the Kabanga nickel project, in Tanzania.

As a result, Capital added a further two units to its drill rig fleet, taking its fleet to 129 units.

As for its other business units, Capital Mining’s contract mining operations continued its strong performance in 2022, ahead of contracted levels through the fourth quarter.

Its waste mining contract at the Sukari gold mine, in Egypt, had another strong performance through the fourth quarter, with the Capital Mining team exceeding their previous daily production record since the project started.

MSALABS reports continued delivery on its multi-year growth trajectory, having rolled out Chrysos’ PhotonAssay units. MSALABS now has four units commissioned across Africa and Canada, with three further units due to start operation in the first quarter of this year, including at Barrick’s Kibali gold mine, in the Democratic Republic of the Congo.

Trials with major mining companies are continuing with PhotonAssay in high demand globally. The expanded relationship with Chrysos will see MSALABS deploy 21 units by 2025.

Going forward, Capital’s group of companies is expected to experience strong demand across all business units, with the drilling business having a strong outlook entering 2023, as a result of its high rig count, robust rig use and strong rig performance.

Capital executive chairperson Jamie Boyton says the group’s contract portfolio suite, as well as the group’s continued focus on productivity and safety performance, ensures a robust platform from which it can continue to invest in growth.

“As we look to the year ahead, we remain confident in the demand we are seeing on the ground. On top of significant growth potential in drilling, MSALABS is set to see another year of strong growth driven primarily by the rollout of further Chrysos PhotonAssay units, and, in mining, we continue to progress a number of tendering opportunities,” he says.