The agreement ensures that Barrick Gold retains ownership of the existing underground mining fleet. Credit: Peruphotart/Shutterstock.

Perenti’s underground mining business, Barminco, has secured a three-year extension with Barrick Gold to continue contract mining at the Hemlo gold mine in Ontario, Canada.

Hemlo, situated 350km east of Thunder Bay, has been operational since 1989.

Related Company Profiles

View all

This contract extension underscores the ongoing partnership between Barminco and Barrick Gold that began when Hemlo transitioned to a contract mining model in 2019.

Barminco has been serving as the principal underground contractor for the mine since the transition.

The new contract stipulates an initial 36-month term with options for two additional one-year extensions, potentially extending Barminco’s tenure at the mine until 2029.

See Also:

The agreement ensures that Barrick Gold retains ownership of the existing underground mining fleet, while being responsible for acquiring any additional equipment needed.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This arrangement significantly lowers the capital requirements for Barminco, making the project more financially manageable.

The contract is valued at more than A$200m and encompasses a range of services including mine development, production and mining support.

Perenti managing director and CEO Mark Norwell said: “The continuation of our relationship with Barrick at the Hemlo gold mine for at least the next three years is another great example of how our Contract Mining team extends contracts over the life of a mine operation.

“The low capital intensity of this project is one of several capital-light contracts we operate across the organisation, with our first capital-light contract secured in 2018.”

The new contract follows a contract extension awarded to Barminco in August 2024 to provide underground mine development and support services for the Hemlo gold mine.