Anglesey Mining PLC Hydro-Storage Options to be studied for Grängesberg
14 March 2023 - 9:43PM
UK Regulatory
TIDMAYM
Trading Symbol
AIM: AYM
14th March 2023
Anglesey Mining plc
("Anglesey" or "the Company")
Hydro-Storage Options to be studied for Grängesberg
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.
* 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.
* 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.
* The MoU with Mine Storage could lead to numerous future benefits including:
+ A 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 Update
+ Enabling the Circular Economy with existing technology turning a
depleted mine into a power storage asset ensuring generational benefits
+ A well credentialled Swedish partner and potential exposure to
Scandinavian investors
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."
"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 iron ore concentrates. We
continue to investigate ways to advance the project through to a Financial
Investment Decision, which may involve securing a strategic investor, offtake
partner, separate listing, or a combination of these options."
"Any potential to covert the mine into a long-term source of hydro-storage
power only adds to the strategic value of the asset. We look forward to working
with Mine Storage on the options for integrating a pumped hydro-storage
solution into the mine plans."
Thomas Johansson, Co-founder and Chief Executive of Mine Storage International,
commented: "This collaboration with Anglesey is a great confirmation of the
value Mine Storage can offer not only in the global energy transition, but also
for a sustainable mining industry. Anglesey Mining and Grängesberg Iron show a
great leadership and we are both pleased and honoured to have entered into this
collaboration with them."
About Mine Storage International AB
Mine Storage is a Swedish based company targeting the development and operation
of grid-scale mine storages using infrastructure that is already available. The
Mine Storage team have a combined total of 200 years' experience within many
areas of the power industry - from hydropower, wind development, energy trading
and more. Its staff has completed more than 30 infrastructure projects and been
part of 19 start-ups.
Mine Storage aims to be true enabler of a sustainable energy transition by
developing and operating fast-response and medium to large scale pumped hydro
systems in underground mines.
https://www.minestorage.com
To view or download a pdf version of this RNS with a diagram of a similar
pumped Hydro-Storage scheme, please click on this link: https://
www.angleseymining.co.uk/wp-content/uploads/2023/03/GIAB_hydro_storage.pdf
About Anglesey Mining plc
Anglesey Mining is traded on the AIM market of the London Stock Exchange and
currently has 295,220,548 ordinary shares on issue.
Anglesey is developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au deposit in
North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3%
combined base metals in the Indicated category and 11.7 million tonnes at 2.8%
combined base metals in the Inferred category.
Anglesey also holds an almost 50% interest in the Grangesberg Iron project in
Sweden, together with management rights and a right of first refusal to
increase its interest to 100%. Anglesey also holds 12% of Labrador Iron Mines
Holdings Limited, which through its 52% owned subsidiaries, is engaged in the
exploration and development of direct shipping iron ore deposits in Labrador
and Quebec.
For further information, please contact:
Anglesey Mining plc
Jo Battershill, Chief Executive - Tel: +44 (0)7540 366000
John Kearney, Chairman - Tel: +1 416 362 6686
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Lauren O'Sullivan - Tel: +353 1 679 6363
WH Ireland
Joint Corporate Broker
Katy Mitchell / Harry Ansell - Tel: +44 (0) 207 220 1666
Scout Advisory Limited
Investor Relations Consultant
Sean Wade - Tel: +44 (0) 7464 609025
LEI: 213800X8BO8EK2B4HQ71
END
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