Pacific Energy (ASX:PEA) has been awarded a contract from AngloGold Ashanti (ASX:AGG, NYSE:AU) to convert its 44 megawatt Tropicana Gold Mine power station from diesel to gas-fuelled.
The conversion is expected to be completed by 20th July 2016 and is expected to improve the company’s future earnings.
In June 2012, the company’s wholly-owned business Kalgoorlie Power Systems signed a 15-year contract with AngloGold – as manager of the Tropicana Joint Venture – to build, own and maintain the 44MW Tropicana Gold Mine power station.
The power station has been supplying electricity to the AngloGold’s 70%-owned Tropicana Gold Mine.
In July 2014, Pacific Energy subsequently commenced discussions with AngloGold to convert the power station from diesel fuelled to gas fuelled.
KPS will carry out the conversion via a staged replacement of the existing diesel fuelled generation equipment with gas fuelled generation equipment.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
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