Perenti's AMAX Joint Venture Secures Multi-Million Dollar Contract at AngloGold Ashanti's Iduapriem Gold Mine

Strategic Insights -

Perenti's African Mining Services (AMS) and Ghana-based mining services company MAXMASS Ltd have been awarded a new contract, valued at circa-$346 million, to operate the AngloGold Ashanti's Iduapriem gold mine in Ghana. The contract, structured as a 60:40 joint venture between AMS and MAXMASS, is expected to commence immediately and will run for a period of five years. The award of this contract demonstrates AMS's commitment to developing and expanding the capacity and capability of local partners, as part of Perenti's 2025 Group Strategy. The joint venture, AMAX, will employ over 475 Ghanaians, with approximately 40% of the workforce coming from the surrounding local communities.

Key Takeaways:

  • The AMAX joint venture has been awarded a contract valued at circa-$346 million to operate AngloGold Ashanti's Iduapriem gold mine in Ghana.
  • The contract, which will run for five years, is structured as a 60:40 joint venture between African Mining Services (AMS) and Ghana-based mining services company MAXMASS Ltd.
  • The contract is expected to commence immediately, increasing Perenti's work in hand by circa-$280 million over the term of the contract.
  • The joint venture will employ over 475 Ghanaians, with approximately 40% of the workforce coming from the surrounding local communities.
  • The contract demonstrates AMS's commitment to developing and expanding the capacity and capability of local partners, as part of Perenti's 2025 Group Strategy.
  • Perenti's Managing Director and CEO, Mark Norwell, stated that the continued transformation of AMS, including the winning of quality projects underpinned by robust financial and commercial disciplines, remains a key strategic initiative in Perentis 2025 Group Strategy.
  • The contract also supports Perenti's commitment to supporting and building local capability to generate social and economic value for the regions in which they operate.

Statistics:

  • circa-$346 million: The value of the new contract at AngloGold Ashanti's Iduapriem gold mine in Ghana.
  • 5 years: The duration of the new contract.
  • 60:40: The joint venture agreement structure between African Mining Services (AMS) and MAXMASS Ltd.
  • circa-$280 million: The increase in Perenti's work in hand over the term of the contract.
  • 475: The number of Ghanaians employed by the joint venture.
  • 40%: The percentage of the workforce coming from the surrounding local communities.
  • 30 years: The length of time that African Mining Services (AMS) has provided mining services in Ghana.
  • 2012: The year in which AMS first provided surface mining services at the Iduapriem gold mine.

Sources:

  • Perenti's press release (no date)
  • Global Data Point (no date)
  • SyndiGate Media Inc. (no date)