Perenti wins big Cowal contract; announces share buyback

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Evolution Mining is looking to extend production at the Cowal gold mine in eastern Australia out to 2040 via a A$380m underground project.
Australian contractor aiming to restore FY20 margins

Australian mining and drilling services company Perenti expects to start a new A$520 million, four-year contract at Evolution Mining’s Cowal gold mine early next month and has meanwhile launched an on-market buyback of its shares.

Early market reaction to the buyback and contract news was positive with Perenti’s share price (ASX: PRN) up 18%, giving the company a market value of circa-A$580m. The price fell about 13% in the first five months of 2022.

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