Tag: innovation

IGO awards Cosmos electrification study to Perenti and ABB collaboration

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Perenti and ABB, in collaboration, have been awarded an inaugural contract by IGO Ltd to undertake a study for the full underground electrification of IGO’s Cosmos Nickel Project.

The electrification study is a significant step in IGO’s commitment to continuously improving its sustainability performance by trialling new technologies and decarbonising its operations, helping to create a green energy future.  

Perenti-website-IGOs-Cosmos-Project-bird-eye-view
Bird-eye view of IGO’s Cosmos Nickel Project in Western Australia

In November 2022, Perenti signed a Memorandum of Understanding (MoU) with global technology company ABB to collaborate to develop a service offering that combines Perenti’s mining expertise and technical capability with ABB’s electrical and technological expertise. 

The study will see experts from Perenti and ABB work side by side with IGO to provide a pathway for the optimum design of mine electrification at Cosmos. All aspects of electrification will be considered in the study.  

“Valuing the environment and enabling the energy transition is one of Perenti’s three key sustainability imperatives and this study demonstrates the capabilities of our electrification collaboration with ABB,” said Raj Ratneser, Executive Sponsor of Decarbonisation at Perenti. “Decarbonisation and electrification are critical to the future of mining, and we are privileged to be working with our client IGO on this pioneering study.” For more information visit our Investor Centre.

Perenti Strategy Briefing and Business Update June 2023

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Perenti has provided an update on progress against our 2025 Strategy including a positive business update, the release of sustainability imperatives and priorities, an update to our 2025 targets and an updated Capital Management Policy.

Positive Business Outlook

As announced 21 February 2023, Perenti expected FY23 revenue of $2.8 billion to $2.9 billion, EBIT(A) of between $250 million and $265 million, leverage to be ~1.0x and capital expenditure is expected to be at $330 million. Perenti now expects FY23 revenue of $2.9 billion, EBIT(A) of between $260 million and $265 million, leverage of ~1.0x and capital expenditure of ~$290 million.

FY24 guidance will be delivered with the release of our FY23 financial and operational results in August 2023, however qualitative FY24 targets include:

• FY24 revenue will be in-line with FY23;

• FY24 EBIT(A) growth on FY23 EBIT(A);

• FY24 capital expenditure slightly higher than FY23;

• FY24 free cash flows will be stronger than FY23;

• FY24 leverage will be <1.0

Furthermore, Perenti has updated its FY25 revenue target from $2.5 billion up to $3.0 billion. All other FY25 targets remain unchanged.

Sustainability and Capital Management

Sustainability is fundamentally linked to everything that we do, and we recognise that in order to deliver on our safety and sustainability objectives and support further growth initiatives beyond our current service offerings, that an appropriate allocation of capital, above and beyond stay in business capital is required.

This capital commitment is aligned with our Purpose and is focused on ensuring Perenti is a sustainable business and supports industry and societal initiatives focused on sustainability.

The updated Capital Management Policy now formally allocates between 10% and 20% of free cash (free cash flows after sustaining capital, interest and taxes but before growth capital) generated by the business towards future focused strategic investments including to support progress on the delivery against our sustainability imperatives and new value creation initiatives.

Perenti anticipates that these opportunities will primarily see investment in:

• Technology and engineering solutions to more effectively mitigate and manage risks inherent in underground mining;

• Development of new services to support decarbonisation; and

• idoba product development.

Mark Norwell, Chief Executive Officer & Managing Director of Perenti said, “This time last year, we updated our 2025 Strategy and since then, our global workforce comprising 9,000 highly talented, motivated, resilient and determined people have continued to execute on our strategic objectives and in many cases have outperformed expectations. With the end of FY23 only weeks away, we expect the positive momentum built up in FY23 to continue and are targeting for FY24 will be a third consecutive year of earnings growth, margin expansion and a strengthening balance sheet.

“In addition, an important component of our 2025 Strategy update last year was the introduction of our focus to embedding sustainability in everything we do. Today, we are taking this commitment a step further by outlining our sustainability imperatives and priorities. We view these as strategic enablers and a key differentiator for our business that will guide the work we do, underpin the future value that we expect to generate and shape the company we become.”

Excellence in Mining – Winner

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Perenti congratulates idoba’s President, Sarah Coleman, on winning the ‘Excellence in Mining Award’ at the national Women in Industry Awards night on Thursday 8th September at Doltone House, Jones Bay Warf, Sydney.

The Women in Industry Awards recognise outstanding women from across a range of industrial sectors, including those who work in mining, transport, manufacturing, engineering, logistics, bulk handling, waste management, rail and construction and infrastructure.

The ‘Excellence in Mining Award’ recognises an individual who has made a positive contribution to one of the many facets of the mining industry. Sarah has vast experience in mining and management consulting, with an impressive background spanning operations, improvement, innovation, technology, and asset management.

Under Sarah’s leadership as President, idoba has grown through the strategic acquisitions of Optika Solutions, Orelogy, and Atmorphis, and is now a leading innovation ecosystem.

“I’ve had an amazing opportunity over the last couple of years to really look at how we rethink, transform and disrupt the mining industry. In my view we can’t innovate without diversity and I’m very privileged to say that our team is over 40% female and we have a strong autistic and neurodiverse contingent in the team.

Unlocking the potential of women in our industry has been a personal and professional passion of mine. It’s an incredible honour to be presented with the award and I am so excited to see current and future generations of excellent women bringing their unique ideas, perspective, and diverse skills to the mining and technology industries.” Sarah said.

Sarah has previously been recognised for her excellence, including being named in WA Business News’ ‘40 under 40’ list, acknowledged as a female finalist for ‘Most Outstanding Young Professional’ by the Chamber of Minerals and Energy and named WA State Owner Manager of the Year by the Australian Institute of Management.

Perenti Managing Director and CEO, Mark Norwell states,“We are extremely proud of Sarah and all of her achievements, both personal and professional. The work she has accomplished in bringing idoba to life is testament to her intelligence and dedication and it is great to see her hard work recognised at the Women in Industry Awards.”

idoba is a technology driven service offering for Perenti and the mining industry, that leverages in-house technology and data expertise to add value to our global mining services activities.

Perenti congratulates the Excellence in Mining finalists, Gina Rinehart and Maria Ruiz, as well as all other finalists and award winners from the Women in Industry Awards. 

To the full Excellence in Mining Award media release.  

idoba collaborates with Sumitomo Corporation under MOU

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idoba, Perenti’s technology driven products and services business, has been operating under a Memorandum of Understanding with Sumitomo Corporation for the co-creation and joint development of digital mining products for the advancement of sustainable mining practices.

Sumitomo is a major investment and trading group, consisting of over 900 companies in 112 countries. Sumitomo will leverage its global mining industry network to bring a unique user perspective that will complement Perenti and idoba’s mining services and technology expertise.

Under the terms of the MOU, Sumitomo and idoba will collaborate and jointly develop digital mining services, including mining process optimisation and carbon footprint management.
• Mining process optimisation – by connecting and analysing mine performance data to predict future performance and provide decision support; and
• Carbon footprint management – to generate predictive decision guidance that will help mine owners on their pathway to net zero carbon equivalent emissions, while optimising cashflow and performance against global emission standards.

Mark Norwell, Managing Director and CEO of Perenti, said, “Our agreement with Sumitomo is a vote of confidence in idoba’s industry-leading capability. The combination of Sumitomo, idoba and our contract mining expertise will support our business evolving to meet the needs of the ever-changing mining industry and global expectations.

“In idoba we are building an innovation-based business with a focus on helping clients achieve operational excellence and world’s-best environmental performance through product and service development.”

Sarah Coleman, Chief Executive Officer of idoba, said, “The mining industry recognises the value that advanced digital technologies bring to operational performance, asset efficiency and sustainable business.

“The MOU with Sumitomo will help us expand our suite of technology driven products and services to meet the mining industry’s demand for technology and sustainability to be integrated with mining domain expertise, and a human-centred approach.”

Read the full ASX release here.

idoba grows capability with Orelogy and Atomorphis aquisitions

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idoba’s strategic acquisitions of two complementary businesses, Orelogy and Atomorphis, are aligned with Perenti’s strategy of establishing digital, innovation and technology services that improve sustainability and operational performance outcomes for the mining industry.

Orelogy are specialist resource consultants with multi-commodity expertise across resource sector project development and management, mine planning and cost modelling optimisation, as well as pre-feasibility and feasibility studies. Orelogy has a track record of delivering significant value across a range of projects and commodities.

Atomorphis is a resource sector data science group that delivers agent-based software modelling capability. Agent-based modelling is the next iteration in Discrete Event Simulation. Their solutions include modelling mine fleet variability in 3D using parameters such as loading rates, payload, spotting and dumping times. This provides mining companies with the ability to model their operations and see the true impact of fleet interactions, increasing productivity and reducing costs.

Mark Norwell, Managing Director and CEO of Perenti, said, “We are extremely pleased to add agile and innovative businesses like Orelogy and Atomorphis into Perenti. The expertise of Orelogy and Atomorphis will add value to our contract mining business and as part of idoba will continue building out the required capability in support of our strategy.

“In idoba we are building an innovation-based business with a focus on helping clients achieve operational excellence and world’s-best environmental performance through product and service development.”

Sarah Coleman, Chief Executive Officer of idoba, said, “The mining industry recognises the value that advanced digital technologies bring to operational performance, asset efficiency and sustainable business.

“The acquisitions of Orelogy and Atomorphis will help us expand our suite of technology driven products and services to meet the mining industry’s demand for technology and sustainability to be integrated with mining domain expertise, and a human-centred approach.”

Read the full ASX release here.