- Perenti (PRN) secures new five-year contract with Newmont at the Subika underground gold mine in Ghana
- The 60-month contract, worth around $630 million, was made possible through UMA, a joint venture involving PRN’s subsidiary African Underground Mining Services (AUMS)
- Through this contract, PRN will carry out all development and production activities, as well as diamond drilling and associated support services at the mine
- Newmont will also acquire the current fleet of underground equipment being used as part of the project, while also agreeing to provide future equipment
- Shares in PRN are soaring, up 9.31 per cent and trading at $1.26 at 3:34 pm AEST
Perenti (PRN) has secured a new five-year contract with mining giant and NYSE-listed Newmont at the Subika underground gold mine in Ghana.
The new 60-month contract, worth around $630 million, was made possible through PRN’s UMA joint venture.
UMA is a 70/30 joint venture between Perenti’s subsidiary African Underground Mining Services (AUMS) and Rocksure International, a local Ghanaian civil and mining contractor.
Perenti Managing Director and CEO Mark Norwell said it was pleasing to be able to continue delivering value to Newmont and other stakeholders in Ghana and elsewhere.
“With this new contract, Perenti not only expands its tenure in Ghana but furthers its relationship with Newmont, the world’s leading gold company with a world-class portfolio of assets in favourable mining jurisdictions,” he said.
Perenti President of Contract Mining Paul Muller said the extension adds to a long-lasting tenure in the region.
“Ausdrill commenced operations in Ghana in 1991 and with this 60-month contract, Perenti through its subsidiaries, will have accumulated nearly 40 years of in-country expertise with a strong track record of prioritising local procurement, training and employment opportunities across a wide range of local and regional Ghanaian stakeholders,” he said.
Through this contract, Perenti will undertake all development and production activities, as well as diamond drilling and associated support services at the mine.
Newmont will also acquire the current fleet of underground equipment being used as part of the project, while also agreeing to provide future equipment where required.
The contract became effective on January 1, 2023.
Shares in PRN were soaring, up 9.31 per cent and trading at $1.26 at 3:34 pm AEST.