Perenti Limited’s (ASX:PRN) underground mining company Barminco has won a 3Y deal with Regis Resources (ASX:RRL) worth $393M.
Barminco will develop underground assets at the Regis-led Duketon operations in the WA Goldfields.
Regis has two mines on-site that cut into the deep: Rosemont and Garden Well respectively. Perenti noted on Tuesday that no new growth capital is required to get underway.
Perenti and Regis have been in arms for a number of years, with this relationship going back to 2019.
“We’re very pleased to continue our partnership with Regis Resources at the Duketon Operations,” Perenti CEO Mark Norwell said.
“This award adds Australian based underground earnings to our portfolio, which is aligned with the ongoing delivery of our strategy.”
BDO recently demonstrated that Q4 of 2023 saw a decade-high level of mining expenditure in the exploration landscape.
PRN shares last traded at 98c.