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Perenti (ASX:PRN) share price pushes higher as contract secured

The Perenti share price pushed higher today after it was disclosed that the company had secured an important contract.
The post Perenti (ASX:PRN) share price pushes higher as contract secured appeared first on Motley Fool Australia. –

The Perenti Global Ltd (ASX:PRN) share price has closed higher today after the mining company announced a $200 million contract with Yaramoko. The Perenti share price ended the day 1.72% higher to $1.18 per share.

What does Perenti do?

Perenti is a global diversified mining services company with key operations in Australia and Africa. They have businesses in surface mining, underground mining and mining support services, to name a few.

The group has operations in 13 countries across 4 continents, has more than 8,000 employees and currently has a market capitalisation of $810 million.

Details of the contract

Today, Perenti announced that its subsidiary, Barminco, was awarded a contract extension at Roxgold’s Yaramoko mine. The mine is located 200 kilometres southwest of Burkina Faso’s capital city, Ouagadougou.

The contract extension is valued at approximately $200 million over 2 years, from December 2021 to December 2023. This extension follows on from the existing development and production scope currently being executed, taking the total contracted work at Yaramoko to approximately $350 million.

Barminco’s CEO, Paul Muller, stated:

The high-grade Yaramoko complex is an important project for Roxgold, Barminco and the people of the Yaramoko community. We are very pleased to extend our contract with Roxgold to December 2023 and look forward to continuing to create enduring value and certainty for our client, employees, shareholders and the people of Yaramoko and Burkina Faso alike.

Perenti managing director Mark Norwell also spoke highly of the contract, saying:

Barminco and AUMS combined are a global leader in hard rock underground mining. This contract extension reinforces their sector leading position and underlines the Group’s focus on profitable growth through extending existing contracts and winning new work aligned with our 2025 strategy. We very much value the Roxgold and AUMS relationship and we look forward to continuing to deliver for our client.

What now for Perenti

Perenti recently posted record revenue as the company looks to scale up its operations. This deal represents a step in the right direction although the share still has a long way to go to hit its pre-COVID-19 highs. The share price is currently trading at $1.18 with its 52-week high sitting at $2.40.

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Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Perenti (ASX:PRN) share price pushes higher as contract secured appeared first on Motley Fool Australia.

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