Boart Longyear 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). Longyear’s business gradually improved in the 1940s in response to expanding worldwide mineral exploration. In 1949, the
Boart Longyear new technology to the industry, drilling products include a heli-portable surface drill with integrated rod handling, patented surface set bit technology and patented spearpoint design for the corebarrel head assembly. In 2011, Boart Longyear reached record revenue of $2 billion. In late 2012, CEO Craig Kipp resigned amidst slowdowns in mineral business and capital expenditure revisions, leading market to believe further deterioration of Boart's revenue is expected. Boart Longyear chairman David McLemore stepped in as acting CEO. Longtime Chief Financial Officer, Joseph Ragan, has recently resigned as well. adding to the deep changes at Boart's leadership level in recent months.