Griffin Mining subsidiary adds wind energy to Caijiaying Mine

24th Apr 2024 12:26

(Sharecast News) - Griffin Mining announced a significant milestone in its sustainability strategy on Wednesday, as its subsidiary Hebei Hua Ao Mining Industry Company (HHA), inked an agreement with Zhangjiakou Guoao New Energy (ZGNE) to exclusively use energy generated from two 6.3MW wind turbines, collectively generating 12.6MW of wind power, at the Caijiaying Mine.

The AIM-traded firm said the wind turbines, to be erected within 2.5 kilometres of the Caijiaying Mine and integrated with the existing 36,000 volt mains electrical power lines, represented an expansion of its renewable energy infrastructure.

ZGNE was Griffin's existing partner for the operational 6MW solar farm at the mine's rehabilitated tailings facilities one and two.

On completion, the Caijiaying Mine would boast a renewable electrical capacity of 18.6MW at peak generation, surpassing the current peak use of 18.1MW.

Adhering to current regulations in China, the capacity aligned with the maximum allowable electrical capacity for an independent private enterprise.

The project timeline, including approvals and construction, was estimated at 12 months.

Griffin said HHA was committed to achieving 100% renewable energy, adding that in addition to expanding renewable energy generation, it was exploring options such as large-scale battery storage installation and the direct procurement of wind or solar energy from state-owned renewable energy projects in proximity to the Caijiaying Mine.

"As the company has continually emphasised, it has always been our stated goal to be a fully responsible corporate entity in all respects, and overwhelmingly, in terms of a clean and carbon free environment," said chairman Mladen Ninkov.

"To that end, we have strived to fulfil our obligations at all stages of our development to the people of China and the world.

"I know of no other active mine or operations that can claim to have fully committed to the switch to 100% renewable energy and already be generating a third of its energy from its solar farm.

"It is my hope, in an investment world so often led by form and not substance, that the capital committed by moral driven institutions, high net worth individuals and ordinary investors to achieve a carbon neutral future for the planet, will reward Griffin for its commitment and achievement in this vital and timely endeavour."

At 1152 BST, shares in Griffin Mining were 0.07% at 140.1p.

Reporting by Josh White for Sharecast.com.