Swedish engineering group Sandvik will sell its exploration business to Drillman – a subsidiary of the M Group of companies from Australia.
The deal includes exploration rigs, consumables and production stock, along with selected trademarks and patents.
“I believe we have found a good home for our exploration business in Drillman, which will support in the further development of its operations and performance,” Sandvik Mining and Rock Technology president Henrik Ager said in a statement on Friday.
The parties have agreed not to disclose the purchase price and closing of the transaction is expected during the fourth quarter.
In 2019, the exploration business had revenues of about SEK450-million.