This is the direct quote taken from Major Drillings announcement...

This is the direct quote taken from Major Drillings announcement to the Canadian exchange. I think the bloke from Citi might be reading way to much into it:


“The fundamental long-term drivers of our business remain unchanged. Worldwide supply for
most metals is expected to tighten in the medium to long-term due to the lack of significant
discoveries. Continued growth throughout Asia, Eastern Europe and Africa and the
reconstruction efforts after the earthquakes in China, which is expected to cost $147 billion,
should continue to drive demand. It takes many years to bring new capacity into production and
a great deal of drilling is required to do so.”
“In the short-term, we expect to see some changes in the pattern of drilling demand. Senior
mining houses, which represent some 70 percent of our business, are in the process of expanding
their drilling programs. We would also expect them to increase their investments in joint
ventures with junior mining companies as we go forward. Over the last month, we have seen a
small number of junior mining companies reduce their drilling programs due to lack of funding
but these have been limited to date. Gold, copper and uranium customers are expected to
continue to expand their drilling programs. These commodities combined with our energy
drilling currently account for some 80 percent of our revenue. Zinc, and to a lesser extent nickel
projects are expected to be less active, at least in the short-term, due to the current economic
conditions relating to these metals. These changes in demand patterns may require some
adjustments in our operations over the coming months but the fundamental demand outlook
remains strong.”
“Despite some potential short-term volatility, the Company continues to invest in its capital
expenditure program. This quarter, we spent $19 million to ensure continued growth. Through
these investments, we added 26 rigs during the quarter. We are maintaining our capital
expenditure plans, which should increase our fleet by a net 60 drills”, said Mr. McGuire.