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Gascoyne Resources secures power agreement for Dalgaranga gold project

Gascoyne Resources Ltd. executed a power purchase agreement with Zenith Energy Ltd. to build, own and operate a 15-MW gas-fired power station for the company's preproduction-stage Dalgaranga gold property in Western Australia.

Gascoyne said Dec. 8 that its GNT Resources Pty. Ltd. unit agreed with Zenith subsidiary Zenith Pacific (DGA) Pty. Ltd. to construct the power station, which will use LNG-fueled generators.

GNT Resources has an option to extend the six-year agreement by four years.

"The choice of gas fueled generators considerably de-risks the project as it reduces input costs and substantially lowers our exposure to any future escalation in the diesel price for power generation," Gascoyne Managing Director Mike Dunbar said.