Business
Hydro-Storage Options to be studied for Gränge...
Hydro-Storage Options to be studied for Gränge....
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \n Trading Symbol\n AIM: AYM\n 14th March 2023\n Anglesey Mining plc\n (“Anglesey” or “the Company”)\n Hydro-Storage Options to be studied for Grängesberg\n Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased to announce it has entered into a Memorandum of Understanding (“MoU”) with Swedish energy storage company Mine Storage International AB (“Mine Storage”) to investigate conceptual plans and designs for a pumped hydro-energy storage project at the Company’s 49.75% owned Grängesberg Mine after mining ceases.\n \n Anglesey Mining plc, together with its 49.75% owned subsidiary Grängesberg Iron AB (“GIAB”) have entered into an MoU with Mine Storage to investigate the potential for the Grängesberg Mine to be converted into a Pumped Hydro-Storage project at the end of the mine’s producing life.\n Pumped-Hydro Storage is a green-energy storage solution that utilises water and gravity to store electrical energy. An underground mine can provide a closed-loop solution using proven, pumped hydro-power technology. Essentially, the system involves water being gravity fed through pipes down a shaft into the turbines, which produce electricity for supply to the grid and also pump the water back to surface. The mine storage system has a high round-trip efficiency of 75-85% and proven durability.\n The MoU with Mine Storage could lead to numerous future benefits including: \n\nA potential long-term revenue stream from the Grängesberg Mine to enhance the cashflow and NPV8 of US$688m determined from the July 2022 Prefeasibility Study UpdateEnabling the Circular Economy with existing technology turning a depleted mine into a power storage asset ensuring generational benefitsA well credentialled Swedish partner and potential exposure to Scandinavian investors\n \n \n Jo Battershill, Chief Executive of Anglesey Mining, commented: “We are very pleased to have signed this MoU with Mine Storage over our Grängesberg project. The Mine Storage team has identified the Grängesberg Mine as one of the most suitable locations to design, install and operate what could potentially be a significant pumped hydro-storage project.”\n “As we have stated previously, we believe the Grängesberg project provides substantial strategic value and has the potential to be restarted as one of Europe’s largest individual producers of high-grade i...