We collected the rented Magnetic drill this morning. The drill has an electromagnet in the base so once you position the drill you turn on the magnet and the drill is fixed in position so you can drive the cutter into the work. The cutter is hollow and has a retractable center pin which allows the accurate positioning of the drill, cutting fluid also flows down this hollow from the bottle above the drill.
The-Mag-Drill
Mag-drill-cutter-and-center-guide