Geodrill Limited can be an exploration drilling contractor, which was designed in the Isle of Man in June 1998 and stores its attention on the mining industry in Western Africa. It operates in 3 Western African countries, that are Burkina Faso, Ghana and the Cote D'Ivoire through an entirely owned or operated subsidiary, Geodrill Ghana Limited. THE TOP Office is positioned in Accra, Ghana and handles procedures throughout the Western world African region.
However, there are just two functioning entities, Geodrill Ghana Small and Geodril CI SARL in Cote D'Ivoire. Geodrill Ltd (Isle of Man) performs agreements in Burkina Faso. Both entities are complete owned or operated subsidiaries of Geodrill Ltd ( Isle of Man).
Geodrill Ltd. has 2 released shares had by Blue Croft Small and Red Croft Limited. All drill rigs were bought new except ore 650/1 that was bought second hand in the entire year 2000.
Geodrill started functions in Ghana in 1998 with one UDR 900 multi-purpose drill rig and in 1999 added another.
At the finish of Dec 1999, Geodrill held 10 UDR multi-purpose Drill rigs all with boosters, auxiliary compressors, modern fleet of MAN vehicles, observe support vehicles and light vehicles.
Geodrill also is the owner of three center only Sandvik DE 710 crawler mounted drill rigs and two Auztex Air main truck attached rigs. Current extension this year 2010 includes two additional rigs delivering total fleet to seventeen.
It is envisaged that by the finish of 2010 the fleet size in terms of drill rigs will be twenty. The rigs to be added in 2010 2010, while still of the UDR make (have lately transformed to Sandvik) depart from existing strategy by being specialized drill rigs. Two of the rigs will offer RAB services while the other offer Air Primary. The entire maintenance procedures of Geodrill Limited is completed at Anwian Kwanta a suburb of Kumasi in the Ashanti Region of Ghana. It is based on a 10 acre land that includes a modern workshop, office buildings and accommodation for both expatriates and nationals. The workshop totally adheres to top notch safety standards. Our health and wellness and safeness and environmental program was created by Tracmin to at the very least comply with Australian safety standards.
Ownership and Directors
Geodrill Small has a Trust create by Dave Harper, currently the Handling Director of the group. He is also the Chairman and CEO of Geodrill Ghana Small, the operating entity in Western Africa. The Trust is presented by the City Trust firm based in Douglas, the Isle of Man, with respect to the Harper Family Trust of Perth, Australia. It has 2 issued stocks. The other director of Geodrill Ghana Small is Terry Burling who's also the Procedures Supervisor of the organization.
Figure 1: Organisational Structure of Geodrill
The Organisational Structure
Dave Harper is the Managing Director and CEO. He has about 30 years of experience in the drilling industry having performed both in Australia and Western world Africa. He started employed in Ghana in 1991 as General Manager of SMS, an exploration drilling organization. Mr. Harper, a driller by occupation, resigned in 1996 and create Geodrill 2 years later. The CEO is straight responsible for task move and contracting with clients, client relationships, invoicing and acquisition of major equipment. He also leads in placing corporate and business and business strategy. He's assisted by 2 departmental managers.
Terry Burling is the Functions Manager with 20 years of experience in the drilling industry. He recently worked with SMS in New Zealand, Australia, Papua New Guinea, Indonesia and in Ghana. Luckily for the company, Terry Burling is an expert in both the mechanical and exploration areas of the career. His skills span drilling, mechanical anatomist, electrical engineering and fabrication.
Greg Conroy is the F&A Supervisor. He spent some time working in that capacity at several exploration drilling and mining firms including SMS (Ghana), Equigold CI SARL (Ivory Coast). He has over 20 years of experience in the industry. Conroy started dealing with the business in December 2008, having taken over from a Ghanaian who had been in the position since Geodrill was set up and also recently worked with Text message. The F&A Supervisor is directly responsible for managing human relationships with all external stakeholders except clients.
The Structure of the Firm
Geodrill has about 120 staff structured into 2 departments, Functions and Administration. You will find 4 parts under Functions: Exploration, Maintenance, Stores and HSE.
Exploration functions the drilling required by clients; the core activity of the business. The Exploration personnel are planned in crews of 4 per rig per transfer of 12 time, therefore 8 per workday. A Site Supervisor handles all areas of the project being performed including a cash expense budget, accommodation, liaises with the client's representation usually a geologist, and supervises the crew. If it's a huge task with 2 or more rigs present, a store is set-up and stocked with consumables. In cases like this too there could be a number of supervisor. The Exploration personnel typically constitutes about 80% of the personnel strength.
Maintenance provides anatomist regress to something easier services for auto repairs and maintenance. This section also fabricates a great deal of equipment including durable, pneumatic vehicles. They workout of one of the very most advanced workshops in Western Africa and drive out to provide on-site support in their changed and well-equipped Land Cruiser pick-ups.
The Store section manages the stock of consumables, petrol and spare parts. Though many businesses in the industry treat stock as funding and accounting function due to its effect on profitability, Geodrill has placed its Store as Functions to better ensure closer integration with the main functions of the business. Decisions on purchases are made with paramount respect to the necessity of the item for task execution somewhat than cost or any other thought. Requests routinely originate from the Supervisors and are validated by the Procedures Manager.
The Health, Protection and Environment section oversees the design, implementation, monitoring and evaluation of Health, Safeness and Enviornment standards that, at the very least, must comply with Australian mandated benchmarks. The Australian standard is undoubtedly the most stringent for drilling organizations globally and far higher than what is required in Ghana. Preparing that as the minimal standard is a purely discretionary decision by Geodrill's CEO.
The Administration office is made up of Accounts, Human Source, IT and Logistics.
The Accounts section is responsible for all financial reporting including management records and statutory reports. Geodrill monitors income by drill rig and by project. Major direct bills such as gas are tracked by drill rig and project. The Accounts section also control the every month cash budget.
Human Learning resource section coordinates with departmental professionals in the recruitment process, the setting up of incomes and offers. Salary levels are identified in line with the hierarchy (organizational composition) and each group has 3 sub-levels. Junior employees earn a basic salary and overtime for work done beyond 8 time in a weekday. For senior employees, a fixed salary that consolidates both a base pay and overtime is set and their pay will not differ by the time done. The section prepares the payroll and executes payments.
The Logistics section act as a go-between with Stores, and all of those other company to ensure that procurements, imports and exports and immigration requirements for expatriate workers are smoothly performed.
Geodrill provides Opposite Circulation and Core Drilling services. The object of all prospective drilling is to get examples from different depths below the top. Both basic methods are cuttings restoration and core restoration. Reverse circulation drilling falls in the first category and diamonds key drilling in the second.
Reverse Flow is the technique of choice for obtaining constantly high quality rock and roll chip samples with velocity and efficiency. Geodrill provides reverse flow drilling using the latest Face Sampling hammers and equipment drilling slots with 140mm diameter to depths of between 50 - 400 meters.
In conditions of pricing, this drilling strategy is positioned in the centre. It is more expensive than RAB and Air Primary drilling but less expensive than precious stone drilling. It's the most commonly used method. It collects examples from depth by pulverizing the rock which is then blown up through an inner pipe and collected in a sample bag.
Diamond Core Drilling
This technique is utilized to drill to about 1500m profound. A diamond-impregnated drill tad cuts a central of rock hence the name Gemstone core. The central test is removed at intervals and catalogued. That is a much more expensive drilling method.
Geodrill supplies the Profound Directional drilling using Down Opening Electric motor and Wedging; to regulate deviation so target is achieved, to intersect focuses on below inaccessible locations, to improve course of a drill gap to intersect aim for also to allow multiple focus on intersections by deviating branch holes from a father or mother hole.
Two other types of drilling, common on the market but not recently offered by Geodrill, are RAB and Air center drilling. These are most ideal for shallow depths, are speedier and cheaper for clients.
THE EXPLORATION INDUSTRY IN Western world AFRICA
Market and Industry
Geodrill's current consumer list includes Newmount Ghana Gold, Golden Star Resources, Keegam Resources, Perseus Mining, Azumah Resources, Castle Minerals, Lihir Equigold, in Cote d'Ivoire, Ampella Mining and Gryphon Minerals both in Burkina Faso.
Geodrill happens to be the market leader in Ghana with about 35% of the marketplace share. In 2009 2009, 50% operating capacity in Ghana, 20% in Cote d'Ivoire and 30% in Burkina Faso. Geodrill expects to increase procedures in Burkina Faso in the near future as that industry is less saturated than Ghana in conditions of competition and there are a lot of contracts easily available.
For 2010, the order reserve is full including 2 new rigs on order. Geodrill continues to be receiving invites to tender on contracts all over West Africa in Silver and base metals.
Geodrill's competition in Ghana are Boart Longyear, AMS exploration, Pontil Minerix, Drillmasters and Burwash.
In Cote d'Ivoire, their competition are Boart Longyear CI, Ore-ex and Drill former mate.
In Burkina Faso, its Boart Longyear BR and Western world Africa Drilling Services.
Current industry challenges include price competitiveness, and the labour market beginning to tighten.
Opportunities include precious metal and commodities increase, an influx of active exploration companies into West Africa and improving political stability in the region.
The mining, energy and infrastructure markets are anticipated to start to see the hightes neer to medium term expansion in the sub Saharan African region.
In basic, mining companies with an increased percentage of permanent renewable deals are considered being lower risk and Geodrill prefers to cope with such clients.
Analysis of the Industry
There is no substitute for exploration drilling services in the mining industry. The exploration process progresses from first studies of the geological framework of a location, a history of mining and other indications of prospective potential. However, actual examples should always be accumulated both from the top and at depth to determine the actual occurrence of mineral. This assortment of examples from depth can only just be done by drilling into the bottom.
The risk of new entrants probably offers competitive pressure to existing firms in the West African market. The mining industry is made up of many small organizations but dominated by a few very large companies. Exploration drilling, though it has a tangible end product by means of samples, is really something and depends just as much on associations as on the quality of the sample. It is a capital-intensive business but any entity that can get access to about $3m in start-up capital can begin with a second side rig, some free parts and consumables. The exploration drilling companies usually operate under the umbrella of the client and so are indirectly regulated hence regulatory issues won't hinder a start-up.
The exploration drilling business is characterised by short drill programs (contract duration of 3 months to 1 1 year). Each drill programme can be properly viewed as a real option, and decides the next phase for the client. The level of activity is powered by the ease of fundraising on the capital markets and the price of gold as it can determine the worthiness of any find. The drilling service is homogenous in character, barely differentiated except by the velocity and efficiency of execution and the safeness record of the drilling firm. There isn't much collaboration among the list of firms.
Suppliers of major inputs such as drilling consummables are quite powerful when the industry is booming. When the price of gold comes or the administrative centre markets aren't doing well, there is usually an excess of serviceable second hand equipment available. This dilutes the energy of the suppliers somewhat. The sources of consumables a wide range of hence the suppliers here are significantly less powerful than the suppliers of equipment.
There are two types of clients: Mining firms and exploration businesses. The mining organizations have functioning mines and earn earnings from advertising the platinum that they mine. The exploration businesses hold concessions and carry out drill programs to ascertain their potential. Exploration firms do not earn functioning earnings; they earn a come back eventually by selling the concession if it is proven to have the potential to produce some gold. Therefore, exploration firms financing their drill programs by increasing equity on the capital markets.
The clients are incredibly powerful and price hypersensitive. Drill programs have a tendency to be one of the greatest costs of the client. For both types of clients, it decides the life span and value of the business enterprise.
Drill rigs go through major rebuilds to increase their life span every 3 - 5 years. The price is capitalized.
Depreciation rates are 10% for drill rigs, 20% as herb and equipment, 20% on automobiles, 20% on furniture and fittings and 5% on land and buildings.
Currency of record is the united states buck. Audited financial statements are published to the internal income service and fees are paid in US dollars.
Geodrill is allowed by the Minerals Fee and Loan company of Ghana to receive at least 50% and Bank of Ghana to get at least 50% of its drilling income in US dollars.
Financial season ends on 31st Dec.
From inception, management decided it didn't want a Worker's Union. Management instead produced an informal staff committee which comprises of mature employees and who are nationals for example. Management then operates as a union and looks for to guarantee the standard welfare of personnel in consultation with the staff committee. That is itself is exclusive within an industry where unions are common.
2. Geodrill performs only in Western world Africa whereas its key competition operates internationally. From Ghana the chairman who also doubles as the principle executive official oversees everything. This gives Geodrill the benefit to follow the market more carefully and take up quickly. Because of its competitors, there could be a general administrator heading a particular region who will lack final power on decision making.
3. Geodrill adheres to a tight healthy, safety and environment policy and whenever you can used brand new equipment which are serviced regularly and retained in top shape by the operations team from its workshop which is fitted out with the most advanced equipment needed. Challengers often deploy other rigs that contain experienced service in other parts of the world and this provides Geodrilll an advantage over competitors as it pertains to written agreement execution.
4. Geodrill has more nationals in their top hierarchy than its rivals. Locals are found in general management positions usually reserved for expatriates among their competitors. This allows management to keep carefully the wage bill lower than that of their competition because nationals severally earn lower than expatriates while at the same time motivating nationals to provide off their best because they know the most notable positions aren't retained for only expatriates.
5. Geodrill pays greater than market rates and makes job content interesting to be able to catch the attention of the best men available and also maintain them. To lay off full time permanent employees however, is difficult under the labour laws of Ghana and other Western African expresses hence Geodrill retains 80% of nationals on 2 12 months contracts renewable so far as the business has contracts to support number of staff. If rigs become idle then the staff on that rig can be let go with a month's salary in lieu of notice and are recalled when a contract is guaranteed to the rig.
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