Perenti secures additional ~$520 million of Australian revenue with new Cowal Underground contract

 

Perenti is pleased to announce that its Barminco underground mining business has been awarded the contract for all underground development and production works for Evolution Mining’s Cowal Underground project in New South Wales.

Barminco, a leading global underground mining services business, with operations in Australia, Africa and North America, is currently developing an exploration decline and conducting diamond drilling services at Cowal. The award of this new contract significantly expands Barminco’s scope at the site to include the development of a second portal, all underground development and production works, and associated underground mining services required to support the continued mill feed of underground ore.

Mark Norwell, Managing Director and CEO of Perenti said the award of the Cowal contract aligns with Perenti’s strategy of increasing its earnings in top-tier regions and with top-tier clients.

“The Cowal contract represents one of the largest underground mining projects in Barminco’s history, generating revenue of nearly $520 million with an initial term of four years, from a contract commencement date in early July 2022,” Mr Norwell said.

“This contract award represents not only a significant expansion and continuation of our first underground contract in New South Wales but is also a fantastic opportunity for Perenti to build on our strong working relationship with Evolution, one of Australia’s premier gold mining companies.”

Mining Chief Executive Officer, Paul Muller said, “Our purpose is to create enduring value and certainty for our clients, our people, our shareholders and the communities in which we work. At Cowal we will prioritise local and indigenous training and employment and local procurement opportunities while maintaining a transparent and consistent approach to community and indigenous engagement. We look forward to working with Evolution to develop a safe, sustainable, highly-productive world class operation in New South Wales.”

To read the ASX release visit the ASX announcements section of our website.