Newsletter is out. Reflex instruments on hire at highest level since Nov. 2012. Drilling fluid sales seeing a positive uplift. Company seems positive on outlook.
IMO, IMD is going to go higher. The depressed level of minerals exploration through 2013, 2014, 2015 and 2016 couldn't last forever, as the stuff that's dug up need to be replaced at some point if the miners are to stay in business. With gold for example, I was reading some recent commentary by Major Drilling, which noted that the big gold miners have depleted 30% of their reserves in the past 3 years alone.
The process of replenishing the reserves depleted over the last few years has well and truly begun, imo. IMD is very well placed to benefit from this development.
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