Perenti’s underground mining enterprise, Barminco, has secured a three-year extension with Barrick Gold to proceed contract mining on the Hemlo gold mine in Ontario, Canada.
Hemlo, located 350km east of Thunder Bay, has been operational since 1989.
This contract extension underscores the continuing partnership between Barminco and Barrick Gold that started when Hemlo transitioned to a contract mining mannequin in 2019.
Barminco has been serving because the principal underground contractor for the mine for the reason that transition.
The brand new contract stipulates an preliminary 36-month time period with choices for 2 further one-year extensions, probably extending Barminco’s tenure on the mine till 2029.
The settlement ensures that Barrick Gold retains possession of the present underground mining fleet, whereas being answerable for buying any further gear wanted.
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This association considerably lowers the capital necessities for Barminco, making the undertaking extra financially manageable.
The contract is valued at greater than A$200m and encompasses a variety of providers together with mine improvement, manufacturing and mining assist.
Perenti managing director and CEO Mark Norwell stated: “The continuation of our relationship with Barrick on the Hemlo gold mine for at the least the following three years is one other nice instance of how our Contract Mining workforce extends contracts over the lifetime of a mine operation.
“The low capital depth of this undertaking is certainly one of a number of capital-light contracts we function throughout the organisation, with our first capital-light contract secured in 2018.”
The brand new contract follows a contract extension awarded to Barminco in August 2024 to supply underground mine improvement and assist providers for the Hemlo gold mine.