Evolution shareholders could benefit from hydro plans
KALGOORLIE (miningweekly.com) – Gold miner Evolution Mining will look to capitalise on the pumped hydro opportunity presented at its Mt Rawdon mine, in Queensland.
The company is currently undertaking the feasibility of a 1 GW to 2 GW pumped hydrogenerator at Mt Rawdon at the conclusion of mining activities.
“We are growing increasingly confident of the potential to demonstrate this as both the model mine closure as well as creating significant value for Evolution shareholders and a long-term renewable battery storage option for Queensland,” Evolution executive chairperson Jake Klein told delegates at the Diggers and Dealers conference.
Klein said that the initial consideration for the pumped hydro project had been to provide Evolution with a way to exit the mine without any liability to the closure. However, since the project was first raised three years ago, there has been a significant change in the renewable energy debate.
“We now think it could potentially be a very valuable asset. So we will exit the asset with no liability on closure, and we will own 50% of the pumped hydro. So I think the best opportunity for us is to take the project to feasibility study. We are in talks with offtake partners now and then ultimately we'll see how we can either give Evolution shareholders an opportunity to participate, but outside of Evolution's capital structure, or exit for Evolution value.”
Speaking on the sidelines of the conference, Klein noted that Mt Rawdon offered a unique opportunity, given that it was located only 30 km from the power grid, and that A$1-billion had been invested in the operation to mine gold, leaving the topography ideal for a pumped hydro operation.
Klein said that if a decision was made to go ahead with the pumped hydro project, the start of the operation would coincide with the closure of the 740 MW Callide B power plant, in 2028.
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