Barminco wins major Cowal contract
PERTH (miningweekly.com) – Gold miner Evolution Mining has awarded ASX-listed mining services provider Perenti a near A$520-million underground mining contract at the Cowal gold mine, in New South Wales.
Perenti on Tuesday announced that its subsidiary Barminco had been awarded the new contract, expanding the divisions’ scope at the mine site to include the development of a second portal, all underground development and production works, as well as associated underground mining services required to support the continued mill feed of underground ore.
Barminco is currently developing an exploration decline and conducting diamond drilling services at Cowal.
“The Cowal contract represents one of the largest underground mining projects in Barminco’s history, generating revenue of nearly A$520-million with an initial term of four years, from a contract commencement date in early July 2022,” Perenti MD and CEO Mark Norwell said.
“This contract award represents not only a significant expansion and continuation of our first underground contract in New South Wales but is also a fantastic opportunity for Perenti to build on our strong working relationship with Evolution, one of Australia’s premier gold mining companies.
“Between now and the end of 2022, we will commence investing the capital required for this project with revenues and earnings ramping up in 2023 and beyond. While this cash profile will impact leverage during project ramp-up we expect 2022 leverage to be in line with previous estimates. The project represents a significant improvement to our Australian underground earnings base and will generate strong project cash flows and returns in support of our capital allocation and investment.”
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