Following the change, the new brand will continue to design, manufacture, and deliver high-quality drill bits and complementary products for its blasthole drilling clients around the world.

With the recent sale of its oil and gas division, Terelion has developed a new business strategy allowing it to focus solely on the mining industry.

While rotary drill bits and down-the-hole products for surface mining will be the core part of its business, drill bits for water well, construction, and other industrial applications will also be included in the Terelion portfolio.

"Terelion will continue to build on the proud heritage of the Varel brand," said the company's president, David Harrington.

"Refining our product line allows us to strengthen our R&D and marketing efforts, while continuing to supply world-class products and services for our mining customers," he added.

With an established presence in all the major surface mining markets around the world, the company is already well placed to serve its global customer base. It is looking forward to a phase of dynamic expansion, innovation and collaboration with stakeholders.