Firm boosted by Chilean mine rescue

A family-owned engineering firm in Shannon has reaped the dividend of designing and producing the drill that led to the survival of 33 Chilean miners two years ago.

New figures show pre-tax profits at the Shannon-based Mincon International Ltd almost doubled from €2.6m to €5m in the 12 months to the end of 2010.

The accounts for Mincon International Ltd just filed with the Companies Registration Office show the company, controlled by members of the Purcell family, awarded its shareholders a €6m dividend in 2010.

This followed the firm awarding its shareholders — mainly members of the Purcell family — another €6m in dividends in 2009.

The boost in fortunes for the engineering firm coincided with the previously little known Mincon garnering global publicity when it emerged that its MX5053 drill, designed at its Shannon plant, broke through the cavity where the miners had been trapped for almost three months.

The plight of the 33 trapped miners in the San José gold and copper mine, outside Copiapó, Chile, had gripped the world and Mincon’s feat of engineering drilled a narrow 137mm hole through a half a mile of rock to establish communication with the men and provided them with food, water and medical supplies before they were rescued.

Speaking at the time, director of Mincon, Joe Purcell, confirmed the

company’s role in the Chilean mine rescue had resulted in new customers and contributed to the company “having our most successful year to date”.

Mr Purcell declined to comment yesterday on the new accounts, but the new abridged figures confirm the boost provided by the firm’s role in the rescue of the Chilean miners.

The figures show the firm’s pre-tax profits rose by €2.3m to €5m after its gross profit increased by 53% from €4m to €6.2m.

All of the company’s research and development takes place at Shannon with the company having manufacturing facilities in Australia and the US.

Even after the dividend payout, the firm’s accumulated profits stood at €11.2m. Its shareholder funds stood at €14.9m that includes €3.1m in cash.

Aggregate remuneration to the firm’s three directors, Joe Purcell, Kevin Barry and Patrick Purcell stood at €275,715.