Perenti Global Ltd(ASX: PRN) share price is sliding today, down almost 1%.
This comes after the ASX mining services company reported on a new contract for its subsidiary.
What new contract did Perenti report?
Perenti Global shares are slipping despite the company reporting a significant contract extension for its African mining subsidiary, African Underground Mining Services (AUMS).
The 2-year contract extension, effective immediately, will see AUMS continue with its operations at AngloGold Ashanti’s Geita Mine in Tanzania. Perenti reported the new contract will increase its current work in hand by roughly $235 million.
Geita Mine transitioned from an open-pit mine to an underground project in 2016. AUMS has provided its underground mining services since the transition.
Perenti's (ASX:PRN) underground mining subsidary, African Underground Mining Services (AUMS) has secured a $235 million contract extension for AngloGold Ashanti’s Geita Mine in Tanzania.
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6 April 2021 (Last Updated April 6th, 2021 09:49)
Panoramic Resources’ board has approved the restart of the Savannah nickel project in Western Australia.
Barminco will undertake development and production work at the Savannah project. Credit: Markus Distelrath from Pixabay.
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Panoramic Resources’ board has approved the restart of the Savannah nickel project in Western Australia.
The decision follows the completion of a review and implementation of operational strategies aimed at improving and de-risking the project.
The East Kimberley-based Savannah project was commissioned in 2004 and produced until 2016, following which it was placed on care and maintenance.
Panoramic, however, recommissioned the mine in 2018 upon the discovery of the Savannah North orebody. Operations were temporarily suspended last year.