Perenti Shares Rise Nearly 3% as Mining Services Contractor Seeks Turnaround Under New CEO Vanessa Torres

SYDNEY — Shares of mining services company Perenti Ltd. rose nearly 3% on Monday, outperforming a weaker Australian market as the company works through a portfolio transition under new leadership.

Perenti shares gained 5.5 cents, or 2.79%, to 2.025 Australian dollars in afternoon trading, after moving between A$1.95 and A$2.05. About 1.3 million shares changed hands, valuing the company at roughly A$1.9 billion.

The gain came as mining stocks were broadly sold off on Monday, with the S&P/ASX 200 index slipping ahead of Tuesday's Reserve Bank of Australia interest rate decision.

It was not immediately clear what drove Monday's move.

A difficult year

Perenti, which provides underground and surface mining services to mining companies in Australia and overseas, has had a challenging 2026. The stock is down about 25% over the past year.

In February, Perenti shares plunged almost 17% in a single day after the company lowered its fiscal 2026 outlook, even as it reported higher first-half underlying earnings. The company narrowed its revenue guidance to A$3.45 billion to A$3.55 billion, from a previous range of A$3.45 billion to A$3.65 billion.

Mixed full-year results

In August, Perenti reported higher profit for fiscal 2026. However, its shares fell 3.7% after the results, as investors reacted to a cautious outlook tied to the company's ongoing portfolio transition and a lack of revenue growth despite improved margins.

The company also said it would reinstate its on-market share buyback, allowing it to repurchase shares when it deems appropriate.

New leadership

Perenti is now under the leadership of Dr. Vanessa Torres, who formally became managing director and chief executive on June 1, 2026. The company said she brings deep global mining experience.

Perenti shares rose about 5% in April on the day her appointment was announced.

The company also added Vincent Nicoletti, chief financial officer of Alinta Energy, as a non-executive director.

Sector exposure

Perenti's fortunes are tied to activity in the mining industry, particularly gold and base metals production, which drives demand for contract mining services.

Strong commodity prices in recent years have supported mining activity, but contractors face pressures including rising labor costs, competition and changes in client portfolios.

Earlier this year, Perenti was added to the S&P/ASX 200 Materials Sector index, increasing its visibility among sector-focused investors.

Interest rates and costs

Like other Australian companies, Perenti faces a changing interest rate environment. The Reserve Bank is widely expected to raise its cash rate on Tuesday to 4.85%, its fifth hike this year, as it fights persistent inflation.

Higher rates can increase borrowing costs for capital-intensive businesses such as mining contractors, which rely on heavy equipment fleets.

Investors will be watching for Torres to outline her strategy for the business and for progress on the portfolio transition. The company's next major update is expected with its first-half results in February.