Perenti secures A$420 million of contract extensions

Perenti has announced its underground mining businesses have been awarded contract extensions valued at ~A$420 million. The contract extensions include:

• A 12-month ~$125 million contract extension to continue underground development and production works at the Gold Fields Agnew underground gold mine.
• A 12-month ~A$180 million contract extension at the AngloGold Ashanti plc’s Obuasi underground gold mine in Ghana.
• A 2-year ~A$115 million, contract extension of existing underground development and production works at the Roxgold Inc. Yaramoko underground gold mine in Burkina Faso. Importantly, under the terms of the contract, no new growth capital is required for the execution of this contract extension.

Mark Norwell, Managing Director & Chief Executive Officer of Perenti said, “We pride ourselves on our enduring relationships, so we are especially pleased to be continuing our relationship 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.”

Gabrielle Iwanow, President Contract Mining said, “In my first few weeks at Perenti, I have been very impressed with the team’s technical capability and the operational performance that they deliver to our clients. I believe that it is these factors that underpin the strength and depth of our relationships.

“With these contract awards combined with those previously announced, namely ~A$360 million related to the Sandfire Resources A4 project in Botswana and a further A$111 million related to three Australian surface and underground contract awards, the team has secured nearly A$900 million of revenue for the business.

“I am very proud to be leading and supporting the Contract Mining team as we collectively work towards delivering our 2025 strategic objectives.”