JOHANNESBURG (miningweekly.com) – Thebe Investment Corporation subsidiary Thebe Mining Resources (TMR) has acquired drilling company Turnstone Drilling, driving the group’s strategy of investing in businesses that provide critical services and supplies to mining sector.
Turnstone Drilling had an operational fleet of 40 surface drill rigs, with various drilling range capacities and a client base spread across all commodities, including precious metals, ferrous metals, base metals and coal.
Through this transaction, the new entity – Thebe Turnstone – would achieve broad-based black economic-empowerment (BBBEE) thresholds in line with the requirements of the Mineral and Petroleum Resources Development Act and the Mining Charter.
“There are growing opportunities to service mining companies, especially for majority black-owned companies. We believe that this transaction complements our strategy and contributes towards the growth of TMR’s portfolio,” TMR CEO Nonhlanhla Mabusela said in a statement on Monday.
Turnstone had drilling operations in South Africa and Namibia.