Ann: Barminco awarded $393m 3 year contract with Regis Resources, page-12

All these mining services companies are super capital intensive.

These contract wins/extensions/scope changes are accompanied by literally a mountain of CAPEX and debt financing plus operational costs as they need to mobilize their equipment to the new remote mine sites.

I have MSV who is piling in the cash flows and dividends and has moved minimally over the last 12months....I weirdly hope they never win new business and instead maintain their current contracts.

PRN is even more capital intensive and paid top dollar for DDH1. So this will take time to digest.

MAH on the other had is moving to a low capital intensive business model by physically selling/transferring their equipment.

There could be some opportunities for the private credit industry to warehouse these equipment and roll them into funds to help these mining services providers out a little... so in turn the service providers can focus on the operational side of drilling,blasting and churning out the dirt...