Perenti shares jump on $1.1b contract with Endeavour Mining
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More news: Shares in Perenti advanced in morning trade after the mining services company was awarded a $1.1 billion contract to carry out underground services at Endeavour Mining's gold operations in Burkina Faso.
Perenti shares were up 4.6% to $1.65 at 11:25am AEST, having climbed more than 65% over the last 12 months.
Perenti secures $1.1b contract in Burkina Faso
The news: Mining services company Perenti has signed a $1.1 billion contract through a local joint venture to deliver underground mining services at gold mines in Burkina Faso that are operated by a subsidiary of London and Toronto-listed Endeavour Mining.
The numbers: The $1.1 billion contract will run over 60 months from 1 June 2025, with FY25 capital requirements consistent with existing guidance.
The context: The contract was signed between African Underground Mining Services Burkina Faso SARL (UMS) — a joint venture between Perenti subsidiary Barminco Holdings and Dynamic Mining Supply — and Endeavour subsidiary SEMAFO Burkina Faso.
The services will be delivered to underground mining operations at the Siou and Wona areas of the Mana complex. UMS has been delivering underground mining and related support services at Mana since 2018.
What they said: “This contract is consistent with our guidance for FY25 and will strongly contribute in FY26 and beyond. Our team continually delivers exceptional value for our clients, and this is clearly demonstrated by this long-term contract for expanded operations at the Mana complex,” Perenti managing director and chief executive officer Mark Norwell said.
The source: ASX
