FINWIRES · TerminalLIVE
FINWIRES

Perenti's Sustainable Cash Generation Strategy Supported by Reward of Bellevue Gold Contract, Euroz Hartleys Says

By

Perenti's (ASX:PRN) existing strategy, centred on sustainable cash generation, disciplined growth, and increasing exposure to high-quality underground mining opportunities, is supported by the reward of a Bellevue Gold (ASX:BGL) contract, Euroz Hartleys said in a note on Wednesday.

The firm's underground mining business, Barminco, was awarded an around AU$850 million, four-year underground mining contract at the Bellevue gold project in Western Australia.

This represents a meaningful addition to Barminco's Australian underground mining portfolio and further reinforces Perenti's position as a leading underground mining contractor, translating to annualized revenue of around AU$210 million.

The investment firm retained its buy rating on Perenti and a price target of AU$2.92 per share.

Related Articles

Asia

Anhui Honglu Steel Construction Elects Chair

Anhui Honglu Steel Construction (SHE:002541) elected Wan Shengping as chair, according to a Wednesday filing with the Shenzhen bourse.The election followed a meeting of the company's directors to formalize the leadership transition. Wan Shengping assumed the role immediately following the board's approval.The appointment came as the steel structure specialist continued to navigate shifting demand in the industrial construction sector.Shares of the construction company were down 5% in recent trade.

$SHE:002541
Asia

Market Chatter: China Watchdog Conditionally Approves Tencent Music's Acquisition of Ximalaya

China's competition watchdog conditionally approved Tencent Music Entertainment's (HKG:1698) bid to acquire Chinese audio platform Ximalaya, an online audio platform, according to media reports Tuesday.According to the State Administration for Market Regulation's notice, Tencent and Ximalaya are required to meet certain commitments, including not raising prices for online audio streaming platforms.Tencent Music agreed last year to acquire Ximalaya for $1.26 billion in cash and an issuance of stock.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$HKG:1698
Asia

S&P Raises Bohai Leasing Unit's Rating to BBB

S&P Global raised the credit rating of Bohai Leasing (SHE:000415) unit Avolon Holdings to BBB from BBB-, with a stable outlook.The rating agency cited Avolon Holdings' strong order deliveries, fleet management and financial performance for the upgrade, according to a Wednesday filing with the Shenzhen bourse.Shares of the leasing company were down 4% in recent trade.

$SHE:000415