- Perenti (PRN) subsidiary, Barminco, has secured a $140 million contract extension with MMG
- The extended contract is for the development and production at MMG’s Dugald River in North Queensland
- Barminco has been operating at Dugald River since 2012
- The contract extends the services for 18 months to December 31, 2022, however, the companies will have opportunities to extend the contract even further
- On the market this morning, Perenti is up 4.20 per cent and is trading for $1.24 per share
Perenti’s (PRN) underground mining subsidiary, Barminco, has secured a $140 million contract extension with MMG.
The extended contract is for the development and production at MMG’s Dugald River in North Queensland.
The new contract extends the services for 18 months to December 31, 2022, and the companies will have two, one-year options to extend the contract even further.
Barminco has been operating at Dugald River since 2012.
“We are excited to continue our relationship with MMG, which began in 2001 at the Rosebery mine in Tasmania,” Barminco CEO Paul Muller said.
“Dugald River has been a significant project for Barminco since commencement during 2012, and this extension will take our valued relationship with MMG to over 20 years,” he added.
Perenti Managing Director and CEO, Mark Norwell, said this is a great result for Barminco and MMG.
“Perenti has a robust tender pipeline of $8.8 billion and our Underground Industry Sector Group has secured more the $540 million in contract extensions this financial year,” he told the market.
“We look forward to continuing to deliver enduring value and certainty for MMG and the people of Cloncurry and the Mt Isa region,” he added.
On the market this morning, Perenti is up 4.20 per cent and is trading for $1.24 per share at 1:59 pm AEST.