Perenti snaps up $420 million contract extensions

Diversified mining services firm Perenti (ASX:PRN) has been awarded 3 contract extensions valued at $420 million. 

The $860.94 million market capitalisation company says they include two 12-month contract extensions and a 2-year extension. 

At Gold Fields’ (NYSE:GFI, JSE:GFI) Agnew underground gold mine, Perenti will continue underground development and production works for 12 months, valued at $125 million. 

Perenti has also been given a 12-month $180 million contract extension at the AngloGold Ashanti plc’s Obuasi underground gold mine in Ghana. 

Further, the company will continue on the existing underground development and production at the Roxgold’s (TSX:ROXG) Yaramoko gold mine in Burkina Faso, for 2 years valued at $115 million. 

President of Contract Mining Gabrielle Iwanow says the contracts awarded combined with previously announced contracts, has resulted in the company securing $900 million of revenue for the business. 

“With these contract awards combined with those previously announced, namely $360 million related to the Sandfire Resources (ASX:SFR) A4 projects in Botswana ans a further $111 million related to 3 Australia surface and underground contract awards, the team has secured nearly $900 million of revenue for the business.”

Perenti Managing Director and Chief Executive Officer (CEO) Mark Norwell adds the company is pleased to be continuing relationships with these long-term clients. 

“Our Contract Mining division is now led by Gabrielle Iwanow and will continue to focus on safely delivering for our clients and on our strategic objectives. 

I look forward to providing an update on the business, including the excellent progress we have made on the integration of DDH1, as part of our 1H23 results which will be released to the market in February.”

Perenti is a global mining services group with interests in contract mining, mining support services, and future technology solutions.

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Images: Sandfire
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.