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Perenti’s Barminco to carry out development works at Evolution Mining’s Ernest Henry mine

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Australia-based Perenti has provided an operational update and an upgrade to its financial year 2023 guidance to end-June 2023, which includes confirmation of a new contract for Barminco at Evolution Mining’s Ernest Henry mine in Queensland and a variation to expand its work scope at Regis Resources’ Garden Well mine in Western Australia.

The positive momentum noted in the operational update released on November 14 has continued as Perenti heads toward the end of the calendar year, with this momentum expected to continue into 2023, it noted.

“Since the release of the most recent operational update Perenti has secured improvements to commercial conditions across several Australian and African projects, including retrospective rate adjustments in relation to work that has previously been completed,” it said.

“These rate adjustments are the key catalyst in providing a further guidance upgrade one month after our previous upgrade.”

The contract at Ernest Henry (pictured) is for development work at the underground gold and copper mine. As Barminco transitions out of MMG’s Dugald River mine – where it has been carrying out development and production works – early next year, employees and capital resources from Dugald River will be mobilised to the new contract at Ernest Henry, it said. Underground development work at Dugald River, meanwhile, is to be taken on by Redpath Australia.

The Garden Well extension follows the commencement of underground mine development at the deposit in 2021.

On November 14, Perenti updated its FY23 guidance to forecast FY23 revenue of between $2.6-$2.7 billion ($1.7-1.8 billion). With the announcement of improved commercial conditions, and in consideration of securing work at Ernest Henry and scope growth at Garden Well, Perenti now forecasts that the company’s FY23 revenue will be between $2.7-$2.9 billion.

Mark Norwell, Managing Director and CEO of Perenti, said: “In addition to generating greater returns in FY23, we are focused on continuing to pursue business and project optimisation initiatives which will facilitate the delivering our 2025 strategy. Our strategy is designed to drive positive momentum in shareholder value well into the future. Perenti’s outlook is underpinned by our world-class Contract Mining Division, and the continued development of our Mining Services and idoba divisions. Our focus on generating enduring value for our people, clients and communities, will ensure we continue to deliver sustainable returns for our shareholders.”

Perenti’s idoba collaborating with Sumitomo on sustainable mining solutions

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idoba, Perenti’s technology driven products and services business, says it has been collaborating with Sumitomo Corporation under a Memorandum of Understanding (MoU) for the co-creation and joint development of digital mining products for the advancement of sustainable mining practices.

Sumitomo is a major investment and trading group, consisting of over 900 companies in 112 countries. It will, Perenti says, leverage its global mining industry network to bring a unique user perspective that will complement Perenti and idoba’s mining services and technology expertise.

Under the terms of the MoU, Sumitomo and idoba will collaborate and jointly develop digital mining services, including mining process optimisation and carbon footprint management. Included within this is:

  • Mining process optimisation – by connecting and analysing mine performance data to predict future performance and provide decision support; and
  • Carbon footprint management – to generate predictive decision guidance that will help mine owners on their pathway to net zero carbon equivalent emissions, while optimising cashflow and performance against global emission standards.

Mark Norwell, Managing Director and CEO of Perenti, said: “Our agreement with Sumitomo is a vote of confidence in idoba’s industry-leading capability. The combination of Sumitomo, idoba and our contract mining expertise will support our business evolving to meet the needs of the ever-changing mining industry and global expectations.

“In idoba we are building an innovation-based business with a focus on helping clients achieve operational excellence and world’s-best environmental performance through product and service development.”

Sarah Coleman, Chief Executive Officer of idoba, added: “The mining industry recognises the value that advanced digital technologies bring to operational performance, asset efficiency and sustainable business.

“The MoU with Sumitomo will help us expand our suite of technology driven products and services to meet the mining industry’s demand for technology and sustainability to be integrated with mining domain expertise, and a human-centred approach.”

Last year, Perenti launched idoba, calling it a “new capital light technology-driven service offering” available to the mining and resources industry aimed at providing digital product and technology services to the sectors. This followed Pereti’s July 2020 acquisition of Sandpit Innovation and Improvement Resources (a consultancy) and, in April 2021, the buy of Optika Solutions (a software product and solutions development company).

Perenti launches new technology-driven service business

Automation, IoT, Mining services, Mining software, , , , ,

Perenti Global Ltd has launched a “new capital light technology-driven service offering” available to the mining and resources industry aimed at providing digital product and technology services to the sectors.

idoba, a name that was co-created using human and artificial intelligence input, connecting the Greek word eidos (essence) and the Japanese term ‘ba’, meaning knowledge obilising space, is also expected to add value to Perenti’s current suite of global mining service offerings, the company said.

Mark Norwell, Managing Director and CEO of Perenti, said: “When looking to the future of the mining industry, it is evident that innovation and technology will play a much greater role in the way we do business and ultimately how we continue to generate value for all our stakeholders.

“With this in mind, it is with great pleasure that we launch idoba, our new technology-driven service business which will enable tomorrow by allowing us to respond to our clients’ evolving needs both today and into the future.”

In March 2019, Perenti published its 2025 Strategy, outlining five strategic pillars to guide business planning, shape the evolution of the company and develop the service offerings available to clients. The five pillars include operational excellence; strategic growth; organisational health; technology-driven future; and building financial capacity.

“Since its release, there has been significant progress made across all pillars, including building the foundations for a technology-driven services model,” the company said.

In July 2020, Perenti acquired Sandpit Innovation and Improvement Resources (a consultancy) and, in April 2021, Optika Solutions (a software product and solutions development company) was also added to the portfolio.

The total cost of these acquisitions was approximately A$13 million ($9.6 million) and includes a strong history of revenue generation, with a combined average annual revenue of circa-A$13 million over the past several years; broad and high-quality client base; significant talent with unique and deep experience across technology and innovation; and a platform for further growth leveraging existing digital systems and processes, Perenti said.

idoba is the culmination of Perenti’s strategic technological growth which, in addition to supporting the Perenti business, will provide digital product and technology service offerings to the mining industry with revenue and earnings generated from these services. Throughout the 2021 financial year, idoba performed to expectations, the company said.

Apart from contributing to Perenti’s revenue and earnings growth in the medium term, Perenti expects to leverage the innovation and technological skill sets of the idoba team to unlock productivity improvements across the company’s current suite of service offerings, the company said.

Sarah Coleman has been appointed Chief Executive Officer of idoba. Coleman is an experienced mining and management consulting executive with an impressive background that spans operations management and improvement, innovation and technology and asset management for a wide range of top-tier mining, oil and gas, manufacturing and health care clients, Perenti said.