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Perenti shares surge on $710 mln Burkina Faso mining contract

AuthorAmbar Warrick
Published 02/06/2025, 01:50
© Reuters
AXJO
-0.28%
PRN
1.05%
FTNMX551030
0.29%
AU
-0.91%
GFIJ
0.71%

Investing.com--  Shares of Australian mining services provider Perenti Global Ltd (ASX:PRN) rose sharply on Monday after the firm won a major contract from Endeavour Mining to provide underground mining operations in Burkina Faso.

Perenti’s shares rose 4.1% to A$1.640, outpacing a middling performance in the ASX 200 benchmark. 

Perenti said its unit had signed a five-year contract with a unit of Endeavour Mining to provide underground mining services at the Siou and Wona areas of the Mana complex in Burkina Faso. The contract is valued at A$1.1 billion ($710 million). 

The Burkina Faso contract comes just a week after Perenti won a A$1 billion contract with AngloGold Ashanti (NYSE:AU) for underground mining services in Ghana. Earlier in May, Perenti won a A$500 million gold mining contract with Gold Fields Ltd (JO:GFIJ). 

Perenti’s shares are trading up over 20% in the past month on the contract wins. 

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