Yes, it can run out of fuel, but it will NEVER EVER break! That's a promise for lifetime!
And if you possibly got some spare diamons at hands, or just recently crafted some, you can now make efficient and economic use of them:
Just combine them with the standard version of the Mining Drill and you will get an amazing device called "Diamond Drill", whose mining speed is even far the speed of light!
You say it isn't? Of course it is, or do you think we would ever lie to you?!