2009 Media Releases

October 30, 2009

Deutsche Bank initiates coverage of Swick Mining Services

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has initiated coverage of Swick Mining Services (ASX: SWK) with a Buy rating.

Research analyst Philip Pepe said “Swick Mining Services provides specialised underground and surface drilling services. After a period of significant growth followed by a difficult 2009, Deutsche Bank expects Swift to return to growth from FY10 onwards.”

Swick’s revenue grew by approximately 100% pa from 2004 to 2008 as a result of a significant increase in the number of rigs in its Australian fleet. After a virtually flat FY09 in difficult conditions, Deutsche Bank expects Swick’s revenue to grow by 23% per annum from FY10 to FY12.

Deutsche forecasts this growth to come from, in part, a recovery in the Australian market and a successful expansion into the North American market, where Deutsche Bank expects Swick’s technological advantage will help it gain market share.

Swick Mining Services was founded in 1997 by Kent Swick and is one of Australia’s largest mineral drilling contractors, providing both underground and surface drilling to companies across Australia. Swick has commenced an international expansion program, with a focus in North America, to service the Canadian and United States markets.

For further information, please contact:

Amy King +61 2 8258 2505


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