Perenti Limited (ASX: PRN) ('Perenti' or 'the Company') is pleased to announce the execution of new contracts and an extension to an existing contract for the Company's subsidiary businesses. In total, these contracts are expected to contribute revenue of approximately A$185 million and are consistent with our expectations for FY25 guidance.
The Company's underground mining business, Barminco, has commenced mobilisation at the Bonnie Vale Gold Project in Western Australia for Focus Minerals Limited (ASX: FML).
The contract specifics include: Contract term: Three years with an option to extend for an additional two years. Services: Underground development, production and mining support services. Capital requirement: Included within existing FY25 capital expenditure guidance and utilises idle fleet.
In addition, Ranger Drilling, a business in the Company's Drilling Services division, has been awarded a five-year contract with Roy Hill Iron Ore Pty Ltd with an option to extend for a further three years. Ranger Drilling has been on site since 2015. To complement the Ranger Drilling contract, DDH1 Drilling and Strike Drilling have each been awarded contracts for Rox Resources Limited (ASX: RXL) to respectively conduct diamond drilling and reverse circulation drilling programs. These combined programs have commenced and are expected to be completed by May 2025. Mark Norwell, Managing Director & Chief Executive Officer of Perenti said 'I'm proud to see the ongoing effort from the team being rewarded with both new and extended contracts. These contracts reflect Perenti's diverse range of services across the mining value chain. We pride ourselves on working with our clients to find solutions that deliver value and certainty over the long term.'
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