Could you comment on Capital’s growth and evolution as the company turns 20 years since its creation?

Since our establishment in 2004, Capital has grown into a true multi-national, multi-service company in the mining industry. I am proud to say that we have successfully operated throughout Africa, Europe, LATAM, Australasia and, more recently, in North America and Pakistan. While mining services continue to represent our core business, we have diversified to offer a value adding range of services. Our portfolio now includes the geochemical laboratory services company MSALABS, geophysical software, survey and logging services WellForce, and most recently Eco Detection Automated Water Monitoring System, a market leader in digital water measurement, reporting and verification (MRV). Our industry leading operational and safety standards underpins our trusted long-term relationships with Tier 1 mining clients as well as many successful juniors. Our listing on the London Stock Exchange since 2010 assures our clients they are partnering with a company that understands the importance of compliance and integrity.

Could you elaborate on your international expansion?

From our first contract in Tanzania, we have expanded both our service offering and footprint across Africa rapidly, fuelled by requests from clients to access our high-quality services and from a drive to establish Capital as an industry leader. We now have well-established operations across Africa and MENA. In recent years, we have further expanded internationally, initially into Pakistan with Barrick Gold, and then the North American mining market with the award of a drilling contract at Barrick’s Nevada Gold Mine. MSALABS is well established in the Canadian markets and this further supports Capital’s ability to operate globally. 

Could you comment on the integration of MSALABS?

With the acquisition of MSALABS in 2017, Capital gained a laboratory services company that synergised well with our strategy and culture, enabling the company to expand its offer to clients into complementary adjacent services. It also presented growth opportunities, undergoing significant and rapid expansion in both on-site and commercial laboratories throughout the Americas and Africa, where growth leveraged Capital’s established mining operations and relationships as well as opening new markets. This has resonated well with our client base and affirmed the strategy to increase our offerings across the value chain.

It is said drillers are the first to feel a change in the markets. What is your feel of the current drilling activity in Africa?

Given our exposure to both producing mines and explorers, drillers are indeed one of the first on the ground to know when momentum shifts. Since March 2024, the higher commodity prices (largely Au/CU) are driving material increases in ASX listed junior resource raisings, with a 169% increase year on year in October. This is reflected in the increased activity being seen throughout our business streams.  The health of the mining industry is seeing a positive upswing, with the value of precious metals and mining companies increasing by US$42 billion during the third quarter of 2024. 

Sovereign risk and the penalty on sovereign risk are unfortunate, with companies with extensive operations in Africa significantly undervalued compared to their Canadian or Australian-operating peers on a resource-basis. But that will not always be the case. Africa’s resource endowment is indisputable, and governments are starting to understand what it means to have a competitive commodity and investment environment. Exploration budgets will always prioritise investment in countries that are committed to developing them responsibly. As countries come to terms with finding the right balance, investments increase to reward that maturity.

How does Capital differentiate itself in the market and what has been the key to its success? 

Our continuous investment in our assets and people mean we can take on any challenge. We have one of the best safety records not just in Africa, but in the world, and we provide the same world-class service for the junior explorer doing its first drill hole as we do for leading miners at their flagship mines. Our local experience backed by a global support structure ensures we understand our clients’ site and corporate needs.