Posted by Daniel Gleeson on ninth August 2024
Perenti’s underground mining enterprise, Barminco, has signed a three-year contract with Barrick Gold Company to proceed contract mining on the Hemlo gold mine in Canada.
Hemlo is 350 km east of Thunder Bay in Ontario, Canada, and has been in manufacturing since 1989. In 2019, Barrick transitioned the operation to a contract mining mannequin from proprietor operator, and Barminco has been the primary underground contractor since. The contract is initially for 36 months, but in addition contains two 12-month choices to increase. If these choices are exercised, Barminco will probably be working at Hemlo till 2029.
Beneath the phrases of the present contract, Barrick owns the present fleet of underground gear and can procure any further fleet required for the mine. This considerably reduces the capital depth of the undertaking for Barminco, it says. The full contract worth is price greater than A$200 million ($132 million) and entails underground mine growth, manufacturing and mining help providers.
Mark Norwell, Managing Director & Chief Government Officer of Perenti, mentioned: “The continuation of our relationship with Barrick on the Hemlo gold mine for no less than the following three years is one other nice instance of how our Contract Mining crew extends contracts over the lifetime of a mine operation. The long-term nature of those relationships is constructed on a basis of making enduring worth and certainty for our purchasers. This aligns our operational success with the objectives of our purchasers and creates a collaborative working surroundings.
“The low capital depth of this undertaking is one in all a number of capital gentle contracts we function throughout the organisation, with our first capital gentle contract secured in 2018.”
Gabrielle Iwanow, President of Contract Mining at Perenti, added: “We’re happy to proceed working with Barrick and demonstrating our main underground functionality within the North American market. Barrick is a crucial consumer for Barminco and we look ahead to persevering with to associate with them to ship protected manufacturing at Hemlo.”
In Barrick Gold’s most up-to-date June quarter outcomes, it acknowledged that Hemlo produced 37,000 oz of gold within the three-month interval.
