How is 2024 going for Geotec? 

2024 has started promisingly, marked by the expiration of several contracts and the emergence of new bidding opportunities that will drive market dynamics and reshape current positions. We anticipate significant long-term contracts with major clients, indicating a period of growth and potential expansion. 

We have hired Augusto Hipólito, an experienced manager with a solid background in geotechnical engineering, to gain a distinctive advantage in the industry. While diamond drilling companies typically offer geotechnical services as part of their offerings, there is a demand for firms specialized in large-scale engineering projects. This team strengthening allows us to establish a special geotechnical division, leveraging Geotec's vital infrastructure in automation, innovation, training, and support systems such as water recycling. We hope to have a greater involvement in geotechnical drilling and thus become a significant player in the Peruvian market, maintaining the line of a specialized drilling company. 

What sets Geotec apart from others in the market? 

We stand out in the drilling market by specializing in various services, including deep drilling (>1,500m) and directional drilling. We have professionals and equipment to offer the latter service directly. Our strategic perspective is visionary, recognizing that environments will become increasingly challenging. 

How are the programs for female operators evolving?

Recognizing the untapped potential within female talent, we redoubled our efforts to empower women. We firmly believe that fostering gender diversity is a moral imperative for cultivating a culture of safety and innovation within our company. In line with this vision, we continue implementing technological developments, especially in safety, to keep our operations risk-free.

Becoming a driller involves thorough training that lasts approximately two years. The trainee operator progresses through several stages before mastering the operation of a drilling machine completely. Our apprentices completed half of their training, showing genuine enthusiasm and commitment. With this training, they will be prepared to take control of the equipment and leadership on the platform, supervising their crew and auxiliary systems. Interestingly, our selection process attracted candidates from various professions, receiving an unexpected number of applications, indicating the program's attractiveness.

How does Geotec prioritize safety within its operations? 

We have strengthened our presence in operations by prioritizing managerial visits and ensuring the application of the highest standards in the sector. 2023 was successful in terms of safety, with no accidents involving lost time: we have gone over 19 months without incidents of this kind, demonstrating the effectiveness of our safety culture. 

What are some technological investments that Geotec has made? 

We continue to implement rod-handling systems in each of the drilling services and mud plants for water recirculation, the latter to recycle almost 85% of our water consumption, efficiently managing this resource. Likewise, we have introduced solutions such as the Core Pusher system, which autonomously extracts core samples during drilling operations, minimizing human exposure to potential hazards. This technology, successfully used in collaboration with Rio Tinto, has yielded promising results. 

We recently acquired a fleet of Epiroc Smart equipment capable of drilling within 360 degrees and at great depth. The goal is to use these machines during downtime typically experienced throughout the day, such as during lunch breaks or overnight rest periods. This equipment can operate autonomously during these intervals, completing at least one run, resulting in an additional drilling of 3 to 6 meters. Glencore-Antapaccay recognized us with the 2023 annual award in the Innovation and HSE Technology category. 

Do you believe there is less greenfield exploration due to capital constraints? 

I do not think it is solely a capital issue; it is about risk. Nowadays, countries like Mexico, Peru, Colombia, and Ecuador are considered unpredictable and present unique challenges. Investors, especially juniors, may hesitate to commit substantial capital when the regulatory landscape is unclear. When metal prices peak, ideally, greenfield projects should begin.