- In a strong start to the 2022 financial year, Perenti Global (PRN) expands its pipeline of mining contracts in West Africa
- Its subsidiary, African Mining Services (AMS), and MAXMASS Limited have been awarded a five-year contract at AngloGold Ashanti’s Iduapriem gold mine
- Perenti’s 60 per cent stake in the joint venture is valued at $280 million over the five-year period
- The joint venture is expected to employ more than 475 Ghanians, 40 per cent of whom will come from the surrounding local communities
- Perenti Global finished trading last week at $0.86 per share
In a strong start to the 2022 financial year, Perenti Global (PRN) has expanded its pipeline of mining contracts in West Africa.
Under the terms of a joint venture agreement, African Mining Services (AMS) — a subsidiary of Perenti — and Accra-based MAXMASS Limited have been awarded a five-year, $470 million mining services contract at AngloGold Ashanti’s Iduapriem gold mine in western Ghana.
According to Perenti’s 60 per cent share, the value of its contract pipeline has grown by roughly $280 million, and work is expected to begin immediately at Iduapriem.
“AMS has a reputation for delivering excellence while generating enduring value and certainty for stakeholders and the award of this new contract at a site where AMS has previously operated for AngloGold Ashanti provides further support for that reputation,” said Mark Norwell, Managing Director and CEO of Perenti.
The joint venture is expected to employ more than 475 Ghanians, 40 per cent of whom will come from the surrounding local communities.
“We have a strong commitment to support and build local capability to generate social and economic value for the regions in which we operate,” said Paul Muller, CEO of Mining at Perenti.
“Under this contract, and through the AMAX joint venture, we expect to continue to support the many local businesses that have become important suppliers and contractors to our operations under previous contracts.”
Perenti Global finished trading last week at $0.86 per share.