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ALLIED GOLD ANNOUNCES LONG-TERM POWER PURCHASE AGREEMENT FOR KURMUK GOLD PROJECT
ALLIED GOLD ANNOUNCES LONG-TERM POWER PURCHASE AGREEMENT FOR KURMUK GOLD PROJECT Canada...
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[{"type":"text","content":"\n\n\n\n ALLIED GOLD ANNOUNCES LONG-TERM POWER PURCHASE AGREEMENT FOR KURMUK GOLD PROJECT\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnsbbb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnpr2{\nPADDING-RIGHT:0.17em\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnpl2{\nPADDING-LEFT:0.17em\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Aug. 19, 2024\n \n\n /CNW/ - Allied Gold Corporation (TSX: AAUC) (\"Allied\" or the \"Company\") is pleased to announce that Kurmuk Gold Mine PLC (\"KGM\"), its subsidiary that owns the Kurmuk Gold Project in\n \n Ethiopia\n \n , has entered into a definitive Power Purchase Agreement (\"PPA\") with Ethiopian Electric Power (\"EEP\") to secure a reliable, competitive, and sustainable energy supply for the Kurmuk Gold Project throughout the life of the mine. This is an important milestone in the project's development, as a steady supply of hydroelectric power is one of the factors that ensures the Kurmuk Gold Project remains one of the lowest all-in sustaining cost (\"AISC\")\n \n (1)\n \n projects in the world.\n \n Ethiopia\n \n is a low-cost power producer, generating power almost entirely through hydroelectric sources, making it one of the most durable and cleanest power supplies globally. The Kurmuk Gold Project is currently under development and is expected to begin operations in the second quarter of 2026 (more information on the project is provided below).\n \n\n\n\n\n\n\n\n\n\n Key Terms of the Agreement:\n \n\n\n\n\n Term:\n \n The PPA will be in effect for a period of twenty years and may be extended by mutual agreement.\n \n\n\n Energy Charge:\n \n The agreement secures a flat energy charge of\n \n US$0.04\n \n per kWh, applicable from the supply commencement date and remaining fixed for the entire term, providing cost certainty for the project.\n \n\n\n Renewabl...