Perenti’s underground mining subsidiary, Barminco, has signed a new $500 million contract with Gold Fields’ Agnew gold mine near Leinster, Western Australia.
This contract extension concerns underground mining operations at Agnew, which Barminco has been providing at the site since 2010.
The new agreement will see Barminco continue its development and production work at Agnew for another three years, beginning January 1, with the option to extend for an additional 12 months.
The $500 million contract includes underground development, production and related mining services, with associated capital requirements already factored into Perenti’s 2024–25 financial year (FY25) capital guidance.
“We are very pleased to be extending our relationship with Gold Fields at the Agnew gold mine,” Perenti managing director and chief executive officer Norwell said.
“Gold Fields is one of our most longstanding and valued clients, with history of more than 30 years working alongside the various Perenti businesses.
“Our Australian operations are important for Barminco to deliver enduring value and certainty for our clients and shareholders.”
Norwell added that Barminco maintains long-term contracts with high-calibre clients such as Gold Fields to support continued delivery of reliable earnings for the business.
Barminco currently employs over 300 people across Agnew and has significantly ramped up its development and production efforts.
“Barminco has successfully ramped up development and production at Agnew in recent years,” Perenti president of contract mining Gabrielle Iwanow said.
“We very much value the relationship with Gold Fields and we look forward to continuing to deliver safe and productive underground services through our highly capable team in Australia.”