Swick Mining Services announced on Wednesday morning that it had been awarded a new underground diamond drilling contract by Newmont Mining. Management said the contract was worth in excess of $50 million, and that it was one of the largest secured by Swick. As a guide to the importance of this contract, Swick’s full-year revenue in 2007-08, from which it achieved a record $10.3 million profit, was $83 million.

The Newmont contract is expected to contribute to Swick’s revenues over the next three years. The company forecasts a record number of 63 rigs in work across Australia and North America by July 2010. This represents a significant turnaround after Swick was hard hit by the downturn in the resources sector.