Boart Longyear

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Boart Longyear is a global mineral exploration company founded in 1888. It is headquartered in Salt Lake City, Utah, United States. Regional offices and operations are located in the Asia-Pacific region, North and South America, Europe, and Africa. The company provides mineral exploration services and drilling products for the global mining industry and also has a presence in drilling water exploration, environmental sampling, energy, and oil sands exploration. As of 2013, it employed more than 8,000 people. In 1888, Edmund J. Longyear, a mining engineer from the first graduating class at the Michigan Mining School, drilled the first diamond core hole in the Mesabi Iron Range in northern Minnesota. Shortly afterward, he formed a contract diamond drilling company to serve the rapidly growing U.S. iron ore mining and steel industry. In 1903, Longyear and John E. Hodge formed a partnership called Longyear and Hodge to expand their business, which included contract drilling, shaft-sinking, mineral ventures, and related consulting work. In 1911, the Longyear and Hodge partnership merged with Longyear’s separate contract drilling company to E.J. Longyear ("Longyear") Company. The Company’s first price list in 1912 featured 19 drill models with drilling capabilities between 750 – 5,000 feet. Those drills were powered mainly by steam engines, which later were replaced by internal combustion engines developed in the 1920s. The Company expanded rapidly in the U.S. and overseas. From 1912 to 1916, the company drilled for copper in Cuba, the Companys first international project. In 1914, Longyear began setting up the first of six diamond core rigs for Phelps Dodge Corporation to explore for copper in Arizona. In 1919, the Company began a 15-month drilling project in Yunnan Province, China. By the 1920s, about half of the Companys drilling was outside the continental United States. Robert Longyear (E.J.’s son) became president of the firm in 1924, preserving the chain of family ownership and management that would continue for another 40 years. In 1929, Longyear sold almost US$1.5 million worth of drilling equipment to other drillers. The following year the company formed its first foreign subsidiary in Canada. The company also signed its first contract for work in Africa, sending equipment and a crew to provide drilling for copper ores. However, the stock market crash of October 1929 and the subsequent Great Depression reduced earnings to $79,000 in 1933. During the 1930s, Longyear took on a project drilling for core samples for the proposed Golden Gate Bridge in San Francisco. In spite of the financial crisis, the 1930s saw improvements in diamond drilling technology, including the use of industrial-quality diamonds mined in Africa that were called “boarts.” In 1936, South Africa’s Anglo American Corporation formed Boart Products South Africa (Pty) Limited, which was later named Boart International. The new company developed the first mechanically-set diamond core bits, which were less expensive than the hand-set core bits that used more expensive Brazilian diamonds (carbonados).


Market Cap$25 million
Revenue$742.4 million
5 Year Trend+6.2%
Net Income-$47.7 million
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