Abstract: To reduce the requirement for stocking different types of holder plates for cutting chips 9, at least the chip holder plate 16 carrying the radially outermost chip, and the next adjacent chip holder plate 6 carrying the radially more inwardly positioned chip, have mutually engaged common abutment surfaces 19, 27. The tool body 1 is formed with a recess 5 in which the radially outermost chip holder plate and the next adjacent plate are commonly secured, for example by clamping bolts or screws extending inwardly into the tool body at an angle with respect to the tool body axis 26. All of the radially inwardly positioned chip holder plates 6 are of equal size and shape. The boring or drilling diameter of the tool is defined by the width of the radially outermost chip holder plate and the chip positioned thereon.