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Highlights

  • Perenti’s subsidiary AUMS, through the Underground Mining Alliance JV, wins $1.02 billion contract from AngloGold Ashanti.

  • The 5-year contract begins on 1 February 2025 and covers underground mining services at the Obuasi Gold Mine in Ghana.

  • No additional growth capital needed; AngloGold Ashanti to fund major capital expenditure.

Mining services group Perenti (ASX:PRN) has announced a major contract win worth $1.02 billion, awarded to its subsidiary African Underground Mining Services (AUMS) in partnership with Rocksure International, a Ghanaian mining and civil contractor. The contract, secured through the Underground Mining Alliance (UMA) joint venture, involves delivering underground mining services at the Obuasi Gold Mine in Ghana, operated by South African gold miner AngloGold Ashanti (AGA).

The five-year contract will commence on 1 February 2025 and represents a continuation of a long-standing partnership between AUMS and AGA, which began at Obuasi in February 2019. Under the terms of the new agreement, UMA will be responsible for a range of underground mining services.

Importantly, no new growth capital will be required from Perenti or the joint venture. AngloGold Ashanti will provide the major capital expenditure needed for the project, allowing UMA to focus on operational delivery without the burden of upfront capital investment.

Perenti Managing Director and CEO Mark Norwell described the contract as a “significant milestone” for the company and a testament to the strength of its relationships and operational track record in the region. “Our continued partnership with AngloGold Ashanti at Obuasi, and the collaboration with Rocksure International, reflects our strong commitment to long-term value creation in West Africa,” Norwell said.

The Obuasi mine, once among the world's premier gold assets, has undergone extensive redevelopment in recent years, with a focus on modernising operations and extending mine life. This latest contract marks a further step in AGA’s efforts to ramp up production while maintaining high safety and operational standards.

The UMA joint venture is majority owned by Perenti, with Rocksure International providing local expertise and on-the-ground capability, aligning with both companies’ goals of supporting regional economic development and employment.