Xenith Consulting has ramped up its ESG service and aims for $50m in annual revenue in three years

An expanding mining consultancy based in Queensland has plans for $50m in annual turnover within three years and its eye on overseas expansion.

Three years can be a long time in business and for global mining consultancy firm Xenith it has been a period spent reshaping what had been a very successful model to one which can respond to the new demands on the sector.

Managing director and chief executive Troy Turner said what began as a trickle of requests from clients about environment, social and governance (ESG) issues became a wave, sparking the change in its business model.

And that meant the due diligence work – with decarbonisation a major theme – became more complex and demanding.

Mr Turner said that with decarbonisation “the rules have changed” and mining companies had to either adapt or leave their assets.

“That’s come out of a policy change in Canberra and it’s gotten harder for heavy emitters. Any companies with facilities that have high emissions are under a lot of pressure,” he said.

“In the past we would be looking at the mine plan and the resources and reserves and stuff like that but we’ve really had to pivot and we’ve had to go straight to decarbonisation and emissions as well as looking more at cultural sensitivities and all that.

“That ESG area is now over a quarter of our revenue from pretty much a standing start just over three years ago.

“From virtually zero we’ve made it one of our biggest pillars because that’s what our clients want and we’ve made it into a key service.”

Decarbonisation is a major issue in the mining sector.

Next year the Brisbane-headquartered Xenith Consulting will celebrate its 20th anniversary, having been started in 2005 by coal industry executives Ken Hill, Ross Haupt, Jim Mahood and John Thrift. Since then the company has completed more than 3000 projects around Australia and overseas.

The company has launched a significant brand redesign, which Mr Turner said featured “a bold new aesthetic and symbolism connecting the power of perpetual steps, representing Xenith’s progressive and forward-thinking approach”.

Born and raised in Chinchilla in Queensland’s Western Downs, Mr Turner joined Xenith about six months after it was founded having spent time at CRL, Rio Tinto and New Hope Corporation. With the Xenith co-founders now retired he is the longest serving member of the company and became managing director and CEO six years ago.

Xenith is a private company of 100 staff and is owned by 17 shareholders.

It also operates out of Sydney, Singleton in NSW’s Hunter Valley, and a recently opened office in Perth – and its projects range across the energy, critical minerals and metals, metallurgical coal and infrastructure sectors.

Within these sectors Xenith gives its advice, services and skills in exploration, resource evaluation, mine planning, technical excellence, business operations and analysis, corporate advisory, due-diligence services and investment decision-making.

Xenith has established strategic alliances with several firms including Carbon Logica and Veldon, private providers of carbon abatement services to the coal mining industry.

Mr Turner said Xenith currently turns over more than $30m a year and aimed for $50m in annual revenue within three years. The new Perth office would take advantage of the size of the West Australian resources sector.

“Our industry is constantly evolving and so are we,” Mr Turner said.

“We’ve had exposure to a number of big projects and grown out a lot in the last few years including a few acquisitions. So we’ve broadened out network and skills internally. We’ve got a lot of people now in ESG and environment.

“We are a service provider to heavy industry and that could be extractive, energy and we’re also doing a lot of infrastructure. We’re technically focused people but we do have a really strong commercial acumen in our group – people who can do full valuations, financial modelling and a lot of other things.

“Sustainability is at the very core of our ability to achieve our mission to empower progress

by sharing expertise, ensuring integrity, and delivering real results for sustainable, successful

futures.”

Xenith managing director and CEO Troy Turner.

Mr Turner said Xenith’s new service offerings were complemented with two acquisitions – cultural heritage and environmental planning consultancies Spinifex in 2021, and James Bailey & Associates in 2022.

“We have a view that Australia is just a starting point for us. We will have an overseas office at some stage and we want to lock Perth down and make it successful,” he said.

“I think after that we have to make a decision and it may be Europe because there’s a lot of interesting stuff going on there.”

Mr Turner said Xenith had “a great mixture of clients” ranging from large diversified miners who are household names, to large single-commodity companies and small explorers. About 10 per cent of its business is offshore.

“Yesterday I got a call from a gentleman who wants us to go to Madagascar to help in with the exploration of a chromite deposit. We’ve done lot of work around the world and we have a nice project on Mongolia at the moment,” he said.

“I’m always getting calls like that. I love it. I just enjoy helping people; helping out and mixing it up and be confident in your background and leaning new things all the time.

“That’s what consulting is all about. You’re not in a box doing the same job day on day you are out there doing interesting stuff.”