The company only listed in May, but, since debuting, has won
contracts with Newmont Mining for its Tanami gold mine, Gascoyne
Resources for its Dalgaranga gold project and Dacian Gold’s recently
opened Mt Morgans gold mine.
This has seen the company more than double its Build Own Operate
contracted capacity from 88 MW when it listed in Australia to 189 MW
this month.
“Zenith currently has 12 contracts in place representing 420 MW of
generation capacity under control, and a robust pipeline of remote power
generation opportunities,” it said.
Revenue for its 2018 financial year to the end of June came in at
A$51.43 million, up 64% on the previous year, while EBITDA of A$18.22
million was 85% ahead of FY2017.
The A$8.47 million in net profit was not only 171% up from its
previous financial year, but was ahead of the A$3.52 million forecast
Zenith guided in its listing prospectus last year.
Zenith says it specialises in tailored, reliable, cost-effective solutions using gas, diesel, solar and hybrid generation.
Its 10-year power purchase agreement with Newmont at Tanami will see
Zenith build, own and operate a 62 MW power station comprising 52 MW of
gas-fired generation and around 10 MW of diesel back-up power. It is due
to begin in the March quarter of next year.
Zenith Managing Director Hamish Moffat said the company was setting
itself a goal of converting a “significant portion” of its current 380
MW pipeline to contracted capacity, as well as exploring “early
opportunities in renewable power, smart-grid and storage”.
Zenith, founded in 2006, also has contracts in place with Northern
Star Resources (Kundana and Jundee), Pantoro (Halls Creek), Independence
Group (Nova), Incitec Pivot (Phosphate Hill), Billabong Gold (Plutonic)
and OK Tedi Mining.