Boart Longyear Seeing Strong Demand For Mining Services

Demand for mining services remains robust in spite of the gloomy global economic outlook, the chief executive of Boart Longyear (BLY.AU) said Thursday.

Craig Kipp said there was no sign of waning demand for mining services such as drilling, as the company reiterated its full-year guidance.

Kipp's remarks are in sharp contrast with those of BHP Billiton Ltd. (BHP, BHP.AU), whose Chairman, Jacques Nasser, said Wednesday that the worsening outlook may force it to back away from an ambitious $80 billion five-year capital-spending plan.

"We've not seen any change in the market dynamics," Kipp told reporters at a press conference in Sydney on Thursday. "We still see very strong demand, particularly from the majors."

The company said it still expected to lift earnings before interest, tax, depreciation and amortization by 29% to $460 million in 2012.

-By Rhiannon Hoyle, Dow Jones Newswires; 61-2-8272-4625; rhiannon.hoyle@dowjones.com

Boart Longyear (ASX:BLY)
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