29Metals Limited (‘29Metals’ or, the ‘Company’) today announced that it has renewed the Underground Mining Services Agreement with Byrnecut Australia Pty Ltd (‘Byrnecut‘) for the Golden Grove mine for a further five years, commencing from 1 October 2022.

The renewed contract extends the long-standing relationship with Byrnecut at Golden Grove, with the existing contract entered in 2017, providing continuity of operations.
The renewed contract is on substantially the same terms as the existing contract and covers development and production in the Gossan Hill and Scuddles mines at Golden Grove.

Under the renewed contract, 29Metals has formalised a commitment to identify and evaluate opportunities to collaborate on Sustainability & ESG matters, reflecting 29Metals’ commitment to Sustainability & ESG performance.

Managing Director & CEO, Peter Albert, said: After assessing a number of options, including owner mining, we are delighted to renew the agreement with Byrnecut and extend our relationship at Golden Grove. Byrnecut is a leading mining contractor in Australia and globally; and has been a key business partner at Golden Grove both before and since the 29Metals IPO.

There is a strong alignment between our two companies from an operations, performance, and values perspective. With the new contract, we are extending that alignment to include a commitment to collaborate on Sustainability & ESG matters where 29Metals will benefit from Byrnecut’s reach and experience globally.

The shared understanding of Golden Grove’s potential, and the strength of the relationship, underpins today’s announcement and has served both 29Metals and Byrnecut well as we have navigated the challenges of operating through the recent challenging external business environment.