Platinum Blasting Services

Export Finance Australia’s support allowed mining services business, Platinum Blasting Services, to double its size in 18 months.

Platinum Blasting Services provides drill and blast services to Australian mining companies, such as BHP, BMA,Glencore, QMetco, Whitehaven and Jellinbah . Based in Brisbane with operations throughout Queensland and NSW, the business is a key contributor to the export of coking and thermal coal to markets like Japan and South Korea.

Blasting services and explosives supply is a working capital-intensive industry. To establish a relationship and explore opportunities for funding its growth, Platinum Blasting Services initiated contact with Export Finance Australia. At this time, the business won the large Jellinbah Mine project.

“Export Finance Australia put in the time to understand what our needs were and then tailor the support necessary”, explained Cliff Gale, Managing Director.

“They were an enabler for us to expand. Over the last 18 months, the business basically doubled in size. And without Export Finance Australia’s support for the working capital, that just wouldn't have been possible.” “I think we may have had to curtail the level of growth or gone to more fringe financing markets to secure that money on less favourable terms.”

Increased confidence in project tendering

Platinum Blasting Services’ strong ongoing relationship with Export Finance Australia means they have greater security to access the funding they need, allowing them to tender on project opportunities with a much higher degree of confidence. This is helping to fuel Platinum Blasting Services’ growth plans for the next 12 to 18 months.

In addition to existing contracts, there are plans to expand into other regions, such as Western Australia, as well as supporting more minerals such as iron ore, gold, and rare earths. Platinum Blasting Services also plans to diversify its services beyond open cut mining, to include drilling and underground operations with further development of its logistics capabilities.    

Cliff encourages other mining services firms having trouble accessing finance to investigate Export Finance Australia.

“A lot of the growth over recent years has come from foreign investments ... and that’s at the detriment to local start-ups. I think it's a shame because that's where the profits go.”