Trading
Symbol
AIM:
AYM
18 February 2025
Anglesey
Mining plc
Anglesey
Mining plc and RheEnergise Partner to Explore Underground Energy
Storage at Parys Mountain Mine, through the Rehabilitation of the
Existing 300m Deep Morris
Shaft
Anglesey
Mining and RheEnergise are pleased to announce the signing of a
memorandum of understanding (MOU) to explore the potential
deployment of RheEnergise's innovative High-Density
Hydro® (HD
Hydro) energy storage technology
at the Parys Mountain mine site. The collaboration aims to provide
an energy storage solution to support existing and planned
renewable energy projects on the Isle of Anglesey and also a
reliable source of clean energy for future mining and mineral
processing operations. High-Density Hydro® (HD Hydro) energy
storage is based on traditional pumped energy storage technology
but rather than using water, a high-density fluid which is 2.5 x
more dense than water is used in a closed loop.
This
technology requires 2.5 x less elevation than water-based systems
for a given output and installations would also be correspondingly
smaller and cheaper.
The MOU
outlines the two companies' intention to jointly investigate the
feasibility of utilising the modern 300-meter-deep Parys Mountain
Morris Shaft to host a hydro-energy storage project. This
initiative would not only demonstrate the capabilities of
RheEnergise's HD Hydro technology in an operational environment but
also facilitate the redevelopment of the underground mine at Parys
Mountain.
The
initial focus of the collaboration will be on conducting a
comprehensive scoping study to assess the technical and economic
viability of the proposed project. This will involve evaluating the
potential environmental impacts and identifying any necessary
permits or regulatory approvals.
The
parties have agreed to work together to secure non-dilutive funding
to support the project through the various stages of development,
from feasibility study to construction and commissioning, including
de-watering of the Morris shaft.
"
RheEnergise has shown that it is able to deliver demonstration
projects here in the UK,” said
Rob Marsden, Chief Executive of
Anglesey Mining. “The
infrastructure and mothballed assets at Parys Mountain provide an
ideal site at which to place a commercial scale plant. Anglesey
Mining is focused on delivering a polymetallic underground mine at
Parys Mountain. Securing a source of consistent green power on site
while benefiting from the synergies between deployment of the
technology and establishing a presence back underground at Parys
Mountain is key to the strategy of de-risking the incremental
development of the mine.”
"We
are delighted to have the opportunity to work with Anglesey Mining
on this groundbreaking project," said
Stephen Crosher, Chief Executive of
RheEnergise. "The
Parys Mountain site presents a unique opportunity to demonstrate
the versatility and scalability of our HD Hydro technology. We
believe that this project will serve as a model for future
deployments of energy storage solutions at mine sites around the
world."
About
Anglesey Mining
Anglesey
Mining is a leading mineral exploration company focused on the
development of the Parys Mountain polymetallic deposit in
Wales. The company is committed to
sustainable mining practices and seeks to minimize its
environmental impact while maximizing the economic benefits of its
operations.
Anglesey
Mining is traded on the AIM market of the London Stock Exchange and
currently has 461,593,017 ordinary shares in issue.
Anglesey
Mining is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au
VMS deposit in North Wales, UK
with a reported resource of 5.3 million tonnes at over 4.0%
combined base metals in the Measured and Indicated categories and
10.8 million tonnes at over 2.5% combined base metals in the
Inferred category.
Anglesey
Mining also holds a 49.8% interest in the Grängesberg iron ore
project in Sweden and 11.9% 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.
About
RheEnergise
RheEnergise
is an innovative energy storage company pioneering the development
of High-Density Hydro® technology. The company's mission is to
provide cost-effective and sustainable energy storage solutions
that can help accelerate the transition to a low-carbon
economy.
How the HD Hydro system
works: at times
of low energy demand, with associated low costs, the High-Density
Fluid R-19™ is pumped uphill between storage tanks (buried
underground). The storage tanks are connected by underground pipes.
As energy prices rise, the benign fluid is released downhill and
passes through turbines, generating electricity to supply power to
the grid.
Projects
will range from 5MW to 100MW of power and can work with vertical
elevations as low as 100m or less. It
means that, unlike conventional pumped hydro energy storage, a
RheEnergise HD Hydro system can operate beneath small hills rather
than mountains; the system requires 2½ times less vertical
elevation. It also means that there are many more sites suitable
for RheEnergise projects – in the UK and across the
world.
RheEnergise’s
analysis of potential project opportunities has indicated that
there are c6500 site opportunities in the UK, c115,000 in
Europe, c345,000 in North America and c500,000 in Africa and the Middle East.
In
November 2022, RheEnergise was
awarded a UK £8.25m small business research initiative (SBRI)
contract from the UK Government’s Net Zero Innovation Portfolio
(NZIP) to deploy a first-of-a-kind demonstrator at a site near
Plymouth, Devon.
For
further information
RheEnergise
-
www.rheenergise.com
/
LinkedIn @rheenergise
Stephen Crosher, Chief Executive:
sc@rheenergise.com
Philippa Rogers, Communications Manager: 07971 269559
/
pr@rheenergise.com
Anglesey
Mining plc -
www.angleseymining.co.uk
Rob Marsden, CEO: 07531 475111 /
rob.marsden@angleseymining.co.uk
Anglesey
Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531
475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy
-
Nominated
Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679
6363
Zeus
Capital Limited - Joint Corporate Broker
Katy Mitchell / Harry Ansell
– Tel: +44 (0)161 831 1512
