Perenti committed to achieve gender balance in signing up to 40:40 Vision Posted on March 8, 2023March 8, 2023 by prnadmin In celebration of International Women’s Day 2023 and the focus on #embracingequity, we are pleased to announce Perenti has signed up to the 40:40 Vision, and in doing so, we have committed to achieve gender balance in our Board and executive leadership by 2030. Perenti’s commitment to 40:40 is a pledge to have Board and Executive representation of 40 per cent women and 40 per cent men by 2030 with 20 per cent any gender. Managing Director & CEO Mark Norwell said Perenti had joined other listed companies in signing up its support for industry super fund HESTA’s 40:40 Vision. “Perenti recognises the business and social importance of achieving gender diversity. Participating in the 40:40 Vision is a way of furthering this commitment and ensuring we hold ourselves accountable to these targets and are transparent about our progress. “A key finding of our It’s Not OK program, which aims to eliminate harmful behaviour in our workplace, is that in order to build a safe, diverse and inclusive workforce where people are respected for who they are, we must improve female participation across the business at an accelerated rate. “There is clear evidence that gender balance in leadership is not only fairer, but also very positive for overall business performance.”
Perenti first half FY23 results and business update Posted on February 21, 2023February 22, 2023 by prnadmin Perenti has released its financial and operational results to the market for the first half of FY23. Mark Norwell, Managing Director & CEO of Perenti, said: “First and foremost, my thoughts are with the families, friends and workmates of Trevor Davis and Dylan Langridge, our colleagues who tragically lost their lives as a result of the incident at the Dugald River underground mine last week. This is a tragic incident and a devastating loss, with a magnitude that has been and will continue to be felt across our whole organisation. I would like to thank everyone who carried out the search and rescue effort for Trevor and Dylan last week as well as the wider organisation for their support to people directly involved in the incident or more generally, the care provided to each other. “During the period from 1 July 2022 through to 31 December 2022, Perenti’s ability to deliver for our clients with strong operating performance under a sustainable and disciplined financial framework – while caring for our people and communities – underpins our strong results for this half. “Our dedicated team of over 9,000 employees have done a fantastic job of developing and executing our 2025 Strategy to the point where we have delivered consecutive periods of earnings and margin expansion. This result is something for everyone at Perenti to be proud of. “We recognise that the current external market conditions have improved since Covid-19 restrictions started to ease and that our business is in a position to take advantage of these conditions. However, we are also acutely aware of the potential volatility that still exists and we working to manage the controllable aspects of this environment by remaining disciplined in the execution of our strategic objectives.” You can read more about Perenti’s first half FY23 results and business update here.
Ausdrill secures contract extension at Fimiston Posted on February 20, 2023February 20, 2023 by prnadmin Perenti has announced that its subsidiary Ausdrill, has been awarded a new Australian surface contract at the Northern Star Resources owned Kalgoorlie Consolidated Gold Mines (‘KCGM’) Fimiston open pit gold mine in Kalgoorlie, Western Australia. The new circa $160 million, 60-month contract incorporates activities that commenced 1 March 2022 and will continue to March 2027. Ausdrill has been contracted to provide up to 14 production blast hole drill rigs to support ongoing operations. Given the scale and quality of its existing Ausdrill fleet, Perenti does not expect any new capital outlay to support this contract. Mark Norwell, Managing Director & CEO of Perenti said, “We continue to remain focused on supporting the families, friends, and colleagues of Trevor and Dylan following the tragic incident at the MMG owned and Barminco operated, Dugald River mine in Queensland last week. However, over the weekend Ausdrill executed a material contract and in-line with our disclosure obligations, we are providing the market with an update. “We have secured our largest ever surface contract in Australia, which continues our relationship at one of Ausdrill’s first ever projects. We are very proud to be part of Kalgoorlie’s history and we look forward to continuing to deliver certainty and value for Northern Star, our employees and business partners.” He added, “Since the release of our operational update on 19 December 2022, we have continued to deliver on our strategic objectives and while we have seen some strengthening of the Australian dollar relative to the US dollar, we have seen overall margin improvement and continued to win or extend existing contracts, positively resolve commercial negotiations and further simplify our business. Market conditions continue to remain favourable into the second half of FY23 in support of further delivery against our 2025 strategy. We look forward to providing additional details when we release our 1H23 results tomorrow.” Paul Muller, President Contract Mining at Perenti said, “Ausdrill began with two drill rigs in 1987 at the Fimiston mine. Since then, Ausdrill has continued to expand its services to include blast hole and grade control drilling, utilising a fleet of drill rigs specifically designed and manufactured (in-house) to meet the unique specifications required by the Fimiston open pit mine. “We look forward to continuing to provide our value-add expertise to the KCGM operations while extending our long-standing relationship with our local and regional stakeholders.”
Perenti secures contract extension at the Mako Gold Mine in Senegal Posted on December 22, 2022January 17, 2023 by prnadmin Perenti is pleased to announce that its surface mining business in Africa, African Mining Services (AMS) has been awarded a contract extension for surface mining activities, including load and haul, drill and blast, grade control and crusher feed, at Resolute Mining’s Mako Gold Mine in Senegal. The contract is valued at approximately US$185 million over a period of four years, commencing 1 January 2022. Through AMS, Perenti has provided surface mining activities at the Mako mine since 2017. This contract extension includes updated commercial conditions and in-line with Perenti’s Capital Management Policy, the Company will optimise the management of existing fleet and equipment at the project, which is forecast to have a low capital expenditure requirement and generate sustainable returns. The extension of the Mako contract does not have a material impact on Perenti’s FY23 guidance, which remains unchanged and as announced on 19 December 2022. Mark Norwell, Managing Director & CEO of Perenti said “The Mako project has been a part of the AMS portfolio for several years and we are pleased that our strong operational performance and relationship with Resolute Mining, has allowed us to execute this contract extension, which supports our 2025 Strategy. We are confident that our dedicated, predominantly local workforce will continue to deliver value for our client. We look forward to continuing our relationship with Resolute Mining at the Mako project as we seek to deliver enduring value and certainty for all our stakeholders.”
Perenti announces FY23 guidance upgrade Posted on December 19, 2022December 19, 2022 by prnadmin For the second time this financial year, we are pleased to provide an operational update and deliver an upgrade to our FY23 guidance. Since the initial guidance revision in November, Perenti has continued positive momentum, securing improvements to commercial conditions across a number of Australian and African projects. In addition, our subsidiary Barminco has been awarded a new contract at Evolution’s Ernest Henry underground gold and copper mine in Queensland as well as secured a variation to expand its work scope at Regis Resources’ Garden Well mine. As a result of these positive developments, the revised FY23 guidance now puts expected revenue between $2.7 billion and $2.9 billion and EBIT(A) between $230 million and $250 million. Perenti CEO and Managing Director, Mark Norwell said: “Together, over the last four years, our 9,000 dedicated employees have been unrelenting in delivering on our purpose of creating value and certainty for our stakeholders. Over these four years, by being smarter together and by taking no shortcuts, Perenti has navigated a period of unprecedented uncertainty and, whilst challenges still exist, we are now seeing the significant effort of our people translate into value upside to our shareholders.” He added, “In addition to generating greater returns in FY23, we are focused on continuing to pursue business and project optimisation initiatives which will facilitate the delivering our 2025 strategy. Our Strategy is designed to drive positive momentum in shareholder value well into the future. Perenti’s outlook is underpinned by our world class Contract Mining Division, and the continued development of our Mining Services and idoba Divisions. Our focus on generating enduring value for our people, clients and communities, will ensure we continue to deliver sustainable returns for our shareholders.” You can read the full story in our Investor Centre.
Perenti and ABB agree to jointly explore solutions to help mining customers decarbonise operations Posted on November 21, 2022November 21, 2022 by prnadmin Perenti has signed an agreement with leading global technology company ABB to collaborate and explore approaches to support net zero emissions targets for underground and open-pit mines. Experts from the two companies will work together to address electrification in mine hauling operations, power distribution, energy efficiency and power management. Perenti’s significant mining expertise and technical capability will be complemented by ABB’s technology expertise. Together, the teams plan to explore business models and solutions to provide wider services for pilot, brownfield and greenfield mining customer projects to support the electrification of operations. ABB has been calling for open collaboration within the mining industry and has taken action on several similar initial non-binding agreements to build commitments with original equipment manufacturers (OEMs), technology innovators and mining companies. Key relationships have subsequently been formalised, with technologies and solutions created as a result of these deals. “Mining customers are committed to facing environmental, societal and economic challenges head on as they aim to decarbonise mining operations,” said Joachim Braun, Division President, Process Industries, ABB. “With ABB’s sector leading position in electric-mine technology development, and Perenti’s excellence and experience in mine development and mine operations, the scope of this collaboration is a perfect opportunity to make real progress in providing electric solutions that will decarbonise the industry.” Mark Norwell, Perenti Managing Director & CEO with Joachim Braun, Divisional President, Process Industries, ABB “ABB and Perenti share a vision to develop energy efficient solutions for the mining industry,” said Mark Norwell, Managing Director & CEO, Perenti. “By combining our experience across mining operations and digital solutions with ABB’s leading technologies we are focused on supporting the decarbonisation of mining through electrification. We look forward to working with ABB on this exciting new venture.” ABB is committed to creating sustainable progress for today and for future generations by helping mining customers through their energy transition. ABB launched its ABB Ability™ eMine portfolio of technologies and methodologies last year, an approach to make the all-electric mine possible, with fully integrated electrification and digital systems from mine to port. Perenti is committed to acting on climate change through promoting innovation, developing and deploying low emissions technology and working with its clients to implement projects that improve energy efficiency and reduce emissions. You can read the full story in our Investor Centre.
Perenti secures additional ~$520 million of Australian revenue with new Cowal Underground contract Posted on June 7, 2022August 31, 2022 by prnadmin Perenti is pleased to announce that its Barminco underground mining business has been awarded the contract for all underground development and production works for Evolution Mining’s Cowal Underground project in New South Wales. Barminco, a leading global underground mining services business, with operations in Australia, Africa and North America, is currently developing an exploration decline and conducting diamond drilling services at Cowal. The award of this new contract significantly expands Barminco’s scope at the site to include the development of a second portal, all underground development and production works, and associated underground mining services required to support the continued mill feed of underground ore. Mark Norwell, Managing Director and CEO of Perenti said the award of the Cowal contract aligns with Perenti’s strategy of increasing its earnings in top-tier regions and with top-tier clients. “The Cowal contract represents one of the largest underground mining projects in Barminco’s history, generating revenue of nearly $520 million with an initial term of four years, from a contract commencement date in early July 2022,” Mr Norwell said. “This contract award represents not only a significant expansion and continuation of our first underground contract in New South Wales but is also a fantastic opportunity for Perenti to build on our strong working relationship with Evolution, one of Australia’s premier gold mining companies.” Mining Chief Executive Officer, Paul Muller said, “Our purpose is to create enduring value and certainty for our clients, our people, our shareholders and the communities in which we work. At Cowal we will prioritise local and indigenous training and employment and local procurement opportunities while maintaining a transparent and consistent approach to community and indigenous engagement. We look forward to working with Evolution to develop a safe, sustainable, highly-productive world class operation in New South Wales.” To read the ASX release visit the ASX announcements section of our website.
Perenti delivers solid results in-line with expectations Posted on February 22, 2022February 22, 2022 by prnadmin Perenti has delivered solid financial and operational results for the six months ended 31 December 2021 that reflect significant revenue growth despite the continued COVID-19 challenges, while progressing the ramp-up of several growth projects and taking proactive portfolio and capital management measures to generate cash and support sustainable leverage reduction. Mark Norwell, Managing Director and CEO of Perenti, said: “We are pleased with the overall performance of the Group over the last six months. The business has delivered solid consolidated results that show an improvement on the prior half and are consistent with guidance despite the continuation, and in some cases worsening, of macro-economic and operating conditions. “Labour has remained tight, supply chains have continued to see disruptions, and the impacts of COVID-19 have arguably worsened both domestically and internationally. Yet despite this, our people have remained resilient which is absolutely appreciated by all of our Executives and the Board. “Impressively, we welcomed almost 1,000 additional employees into the business, we continued to see improvements in our AMS business reflecting the positive outcomes of our recent strategic review and remained focused on delivering on our commitments while creating enduring value for all stakeholders. “Looking ahead to the remainder of FY22, we expect the current macro-economic landscape to persist until the end of FY22 but remain confident in Perenti’s ability to continue to deliver on our commitments to our employees, our clients, our suppliers and our shareholders.” To the full Perenti 1H22 Results media release.
Perenti delivers solid FY2021 Results: proactively managing headwinds and positioning for growth Posted on August 24, 2021August 24, 2021 by admin Perenti has delivered an FY21 result consistent with its revised expectations, achieving solid operational performance and growth from its Underground Mining business and an improved second half performance from its Surface Mining business. This solid result was delivered in a year where the Company’s financial performance was impacted by headwinds including the ongoing impacts of the COVID-19 pandemic on our international operations, tighter Australian labour market and a strengthening Australian dollar. Perenti continues to invest in our people, systems and mining equipment to build strong foundations and support the ramp-up of the Company’s key growth projects in FY22 to deliver business growth in FY23 and beyond. Mark Norwell, Managing Director and CEO of Perenti, said: “Firstly, I want to recognise our people, who provided high quality mining services to our clients with a focus on continuity of operations to deliver enduring value and certainty. “Our Underground business continued to be a standout performer, delivering a third consecutive year of earnings growth with a strong FY21 contribution. Impressively, this growth has been delivered in a year where we saw the slower than anticipated ramp up at several recently secured international projects due to the prolonged, and ever-changing, nature of the COVID-19 pandemic. “As expected, due to the planned contraction of our Surface Mining business following our strategic transition out of Yanfolila and Boungou, FY21 revenue, EBIT(A) and margins were softer than FY20. Pleasingly during the second half of FY21, earnings and margins generated by the Surface business more than doubled compared to the first half. This tangible and sustainable improvement in performance is attributable to the implementation of the findings of the AMS Strategic Review and continued solid performance from our Australian business. We are in a good position to move our AMS business forward and are encouraged by securing the Motheo and Iduapriem contracts, both of which are examples of the quality of contracts that AMS will pursue.” “The Investments business navigated difficult conditions during FY21 with softer east coast equipment rental market conditions impacting revenue and earnings. In response, we revitalised the leadership team and have increased our market activities including the implementation of a more targeted sales strategy, which has increased asset utilisation rates by 5 per cent since December 2020. “We continue to look to the future. Throughout FY21 we made prudent investments in our people and systems, while managing our balance sheet to ensure we are well positioned to fund our 2025 strategic growth aspirations. An integral part of this strategic growth is our technology driven service offering, idoba, launched in July. Through idoba we plan to improve our competitive advantage by developing a unique capability in emerging digital mining, technology and innovation.” You can read the full ASX Release here.
Perenti’s expansion in North America continues with Letter of Intent for works at the Red Chris Project Posted on April 26, 2021April 26, 2021 by admin Perenti is pleased to announce its subsidiary, leading hard-rock underground miner Barminco, has received a Letter of Intent from Newcrest Mining Limited for the development of an underground exploration decline at the Red Chris Project in British Columbia, Canada. The Red Chris Project is a 70:30 joint venture partnership between Newcrest and Imperial Metals Corporation (TSX:III) and is located approximately 1,700kms north of Vancouver. The Red Chris Project lies within Tahltan Territory, home to some of Canada’s richest mineral resources in an area known as the Golden Triangle. Barminco has developed a strong relationship with the Tahltan Nation Development Corporation and intends to establish the foundations for an ongoing partnership to create social and economic value for the members of the Tahltan Nation and the region.Perenti Managing Director and Chief Executive Officer Mark Norwell said the opportunity at Red Chris is a very encouraging step on the road to expanding the Company’s North American presence. “Geographic expansion has been a key focus of our 2025 strategy and this early-stage work at Red Chris builds on our regional growth capabilities after commencing in North America just over a year ago” Mr Norwell said. “The underground exploration decline works are a significant opportunity and puts the Company in a strong position to access the much wider scope of works associated with the potential block cave development that Newcrest aims to progress towards in the coming years. This project fits with our strategy as we continue to pursue high quality growth opportunities within attractive mining jurisdictions, partnering with top-tier producers holding multi-mine portfolios and long-life, expandable assets.” Mining Chief Executive Officer Paul Muller said: “We acknowledge and respect the Tahltan as the First Nations people of the area and we look forward to working together at the Red Chris Project. In partnership with the Tahltan Nation Development Corporation, Barminco will also look to work with local Tahltan-operated businesses and provide local employment, education, training and development initiatives to support the social and economic development of the Tahltan people.” “Our focus at Red Chris will be on delivering safe, reliable and efficient development services and we look forward to building a long and productive relationship with Newcrest, the members of the Tahltan Nation and all of our stakeholders in British Columbia.” For more information click here.
