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10 stories mentioning ASX:PRNUpdated 10d ago

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Asia

ASX Preview: Australian Shares Set for Soft Start as US-Iran Tensions Lift Oil; Deep Yellow Awards Two Construction Contracts Worth AU$34 Million for Flagship Namibia Project

Australian shares are set for a cautious start on Monday after Brent crude surged above $91 a barrel as escalating US-Iran hostilities and renewed disruptions around the Strait of Hormuz stoked fears of tighter global oil supplies and higher energy prices.On July 17, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1%, 1.4%, and 0.8%, respectively.In the macroeconomy, investors are eyeing Australia's labor force report on Thursday.In corporate news, Deep Yellow (ASX:DYL) awarded two civil and concrete construction contracts with an aggregate value of about AU$34 million for its flagship Tumas project in Namibia.Perenti (ASX:PRN) said its subsidiary African Mining Services, through the AMAX joint venture, has reached an agreement with AngloGold Ashanti on an orderly transition plan for mining services at the Iduapriem Gold Mine in Ghana.Australia's benchmark index fell 0.5% or 44 points to close at 8,796.70 on July 17.

ASX 200ASX:DYLASX:PRN
Asia

Perenti Unit Secures AU$95 Million Transition Contract for Ghana Gold Mine

Perenti (ASX:PRN) said its subsidiary African Mining Services (AMS), through the AMAX joint venture, has reached an agreement with AngloGold Ashanti on an orderly transition plan for mining services at the Iduapriem Gold Mine in Ghana, according to a Monday filing with the Australian bourse.AMAX will continue providing surface mining and support services for about six months from July 17, under a contract valued at around AU$95 million, per the filing.The company said it expects to sell most of AMS's mining fleet at the site to AngloGold Ashanti at the end of the contract for AU$30 million to AU$40 million, the filing added.

ASX:PRN
Asia

Perenti's Shift Away From Higher-Risk Africa Makes it 'Much More Investable,' Jefferies Says

Perenti (ASX:PRN) has significantly lowered its exposure to higher-risk Africa over the past five years, warranting a re-rate and making the company "much more investable than in the past," Jefferies said in a Friday note.The percentage of the company's pipeline exposed to Africa declined to 29% in the second half of 2025 from from 62% in the first half of 2020, while its exposure to the tier 1 regions of Australia and North America increased to 71% from 38% over the same period,The reduced exposure helps address a key historical issue for investors and "represents a welcome shift," Jefferies said, adding that it expects Perenti to continue moving away from Africa and toward North America."Whilst there's a margin give-up in shifting from high-risk jurisdictions like West Africa to Australia/North America, we think it's worth it, particularly given there is a very large opportunity to take Barminco with its advanced processes, high productivity and safety record into North America," the equity research firm said.Jefferies maintained a buy rating on Perenti while raising its price target to AU$2.70 from AU$2.45.Shares of Perenti gained 1% in recent Monday trade.

ASX:PRN
Asia

Perenti's Contract With Barrick Boosts Revenue Visibility, Exposure to Top-Tier Mining Jurisdictions, Euroz Hartleys Says

Perenti's (ASX:PRN) roughly AU$275 million contract award with Barrick Mining provides further revenue visibility through fiscal 2030 while boosting the company's exposure to tier-one mining jurisdictions, Euroz Hartleys said in a Monday note.With a term of 45 months, the contract equates to annualized revenue of around AU$70 million to AU$75 million, and the associated AU$39 million growth capital expenditure requirement in fiscal 2027 is "modest" relative to Perenti's balance sheet and expected cash flow generation, the investment firm said.The award for underground mining services at Barrick's Fourmile project in Nevada, US, bolsters an already substantial work-in-hand position and pipeline, which stood at AU$5.8 billion and AU$18.6 billion, respectively, as of the first half of fiscal 2026, according to the equity research firm.Perenti "continues to trade on undemanding valuation metrics relative to its earnings outlook, with further growth opportunities available through contract mining, drilling utilization improvements and conversion of its existing project pipeline," Euroz Hartleys said.It maintained a buy recommendation on Perenti with a price target of AU$2.92.Perenti shares advanced nearly 5% in recent Monday trade.

ASX:PRN
Asia

Perenti Wins AU$275 Million Contract for Underground Mining Services at US Project

Perenti (ASX:PRN) said its Barminco unit secured an estimated AU$275 million contract to provide underground mining services at Barrick Mining's Fourmile project in Nevada, US, according to a Monday filing with the Australian bourse.The contract has a 45-month term, with work scheduled to start in July, and will require around AU$39 million of growth capital in fiscal year 2027, per the filing.

ASX:PRN
Asia

Mining Services Sector Too Strong for Transitory, Manageable Issues, Says Jefferies

Mining services sector's issues like diesel pressures or labor shortage are temporary or manageable, as the oil shock will ease after the Middle East peace deal and the industry has previously managed labor shortages, according to a Saturday Jefferies note.The mining capital expenditure and exploration cycle is too strong to ignore or underweight, which should last at least 3 years and probably beyond, Jefferies said, as it believes that upgrades will easily outweigh downgrades during this time, and sector earnings growth will easily surpass the ASX 300.Jefferies upgraded ALS (ASX:ALQ) and Imdex (ASX:IMD) to a buy and increased their price targets to AU$26 from AU$24.40 and AU$5 from AU$4.80, respectively.Jefferies also upgraded Perenti (ASX:PRN) to a buy and lifted its price target to AU$2.45 from AU$2.35.The investment firm downgraded MAAS Group (ASX:MGH) to hold with a price target of AU$5.50, while keeping the same rating on NRW (ASX:NWH) with a price target of AU$6.40, up from AU$6.20.Jefferies kept an underperform rating on Monadelphous Group (ASX:MND) and increased its price target to AU$24 from AU$23.ALS rose past 4%, Imdex jumped over 5%, Perenti surged almost 7%, NRW Holdings was up 4%, and Monadelphous climbed nearly 5% in recent Monday trade. MAAS Group fell roughly 3%.

ASX:ALQASX:IMDASX:MGHASX:MNDASX:NWHASX:PRN
Asia

Update: Perenti Unit Secures AU$850 Million Underground Mining Contract at Western Australia Gold Project; Shares Gain 8%

(Updates with the stock movement in the headline and last paragraph.)Perenti's (ASX:PRN) underground mining arm, Barminco, has been awarded an around AU$850 million contract by Bellevue Gold (ASX:BGL) to provide underground mining services at the Bellevue Gold Project in Western Australia, according to a Wednesday Australian bourse filing.The contract was awarded following a competitive tender process for an initial four-year term commencing on Aug. 1, with an optional 12-month extension, per the filing.The company will provide complete underground mining services, including development, production, and support activities, and the arrangement is expected to require about AU$75 million in growth capital in fiscal 2027, the filing added.Perenti's shares advanced 8% in recent Wednesday trade.

ASX:BGLASX:PRN
Asia

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

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.

ASX:BGLASX:PRN
Asia

Perenti Unit Secures AU$850 Million Underground Mining Contract at Western Australia Gold Project

Perenti's (ASX:PRN) underground mining arm, Barminco, has been awarded an around AU$850 million contract by Bellevue Gold (ASX:BGL) to provide underground mining services at the Bellevue Gold Project in Western Australia, according to a Wednesday Australian bourse filing.The contract was awarded following a competitive tender process for an initial four-year term commencing on Aug. 1, with an optional 12-month extension, per the filing.The company will provide complete underground mining services, including development, production, and support activities, and the arrangement is expected to require about AU$75 million in growth capital in fiscal 2027, the filing added.

ASX:BGLASX:PRN
Asia

Perenti to Face Fiscal 2027 Earnings Softness Before Growth Rebounds, Jefferies Says; Shares Fall 6%

Perenti (ASX:PRN) is expected to face a modest earnings "air pocket" in fiscal year 2027 before growth resumes, driven by stronger US expansion and improving utilization trends, Jefferies said in a note on Wednesday.Jefferies said that, despite a strong underlying pipeline, activity in Barminco and African Underground Mining Services is now expected to start contributing in late fiscal year 2027 or early fiscal year 2028 instead of earlier, due to delays in contract conversion rather than any weakening in long-term demand.The firm expects a modest impact in the first half of 2027 from softer exploration activity, driven by higher diesel costs and budget pressures on junior and mid-tier miners, but reiterated that the company's greater exposure to production drilling should help offset broader sector volatility.The firm remains constructive on the company's strategy under Chief Executive Vanessa Torres, citing Barminco's expansion into the US, reduced exposure to West Africa, growth in artificial intelligence and logistics, and ongoing portfolio reshaping through divestments, mergers, and acquisitions.Jefferies maintained a hold rating on Perenti and decreased the price target to AU$2.35 from AU$2.50.The company's shares fell 6% in recent Thursday trade.

ASX:PRN

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