Perenti Secures A$500M Agnew Contract, Strengthens Ties with Gold Fields

Key Highlights:

• Barminco, Perenti’s underground mining arm, signs a $500M contract with Gold Fields for Agnew Gold Mine
• Three-year contract with option for 12-month extension; operations continue in WA’s Leinster region
• Perenti shares gain 1.80% to close at $1.415; 1-year return now at 43.65%
• Contract reinforces Perenti’s long-term relationship with Gold Fields and strengthens recurring revenue base

Perenti Ltd (ASX: PRN) delivered a confidence-boosting update to shareholders on Monday, announcing a new $500 million underground mining contract awarded to its subsidiary Barminco at the Agnew Gold Mine in Western Australia. The contract, signed with Gold Fields Limited (JSE: GFI, NYSE: GFI), marks a continuation of Barminco’s decade-plus relationship at Agnew — and underscores Perenti’s strength in securing long-term, value-rich contracts with tier-one clients.

Shares of Perenti rose 1.80% to $1.415 on the back of the announcement, reflecting investor support for the company’s robust project pipeline. Trading volumes exceeded 2.5 million shares, with the stock now up 43.65% over the past year, outperforming both its sector and the broader ASX 200 index.

The new agreement spans 36 months starting January 1, 2025, with an optional 12-month extension, and covers underground development, production, and ancillary mining services. Barminco, which has provided services at Agnew since 2010, currently employs over 300 people at the site. The capital expenditure requirements for the contract are factored into Perenti’s FY25 capital guidance.

Perenti CEO Mark Norwell emphasized the strategic value of the contract, noting that it strengthens long-term cash flow visibility and underpins Perenti’s standing as a reliable contractor. “Maintaining long-term contracts with high-calibre clients such as Gold Fields supports continued delivery of reliable earnings,” he stated.

Gabrielle Iwanow, President of Contract Mining, added that Barminco’s operational performance at Agnew in recent years laid the groundwork for the contract extension.

Perenti continues to build on its diversified portfolio across surface and underground mining, spanning 12 countries and employing over 10,500 staff globally. With its reputation for operational excellence and a strong balance of earnings, the Agnew deal affirms the company’s capacity to deliver under high-performance, high-value contracts.

As the mining sector leans into cost efficiencies and operational scale, Perenti’s latest win positions it as a steadfast player in the global mining services arena.