Galantas Gold Corporation has agreed in principle with its former chief executive’s plans for solar power at the Cavanacaw gold mine in Omagh, County Tyrone.
WIN-WIN
Shareholder G&F Phelps Ltd, controlled by Roland Phelps, proposes to develop a two-megawatt facility with battery storage.
Galantas expects the project to boost significantly power generation on site and provide lower cost power than existing diesel generation, at a significantly lower carbon footprint.
“The proposal anticipates G&F Phelps renting rehabilitated land comprised of former tailings cells and a filled southern section of the former open pit,” added the Canadian company.
“G&F Phelps is expected to provide the majority of capital required for the project, recouping the cost from the power generated.
“The proposal is subject to a detailed cost study, impact assessment and planning permission from regulatory authorities.
“Surplus power from the solar facility is expected to be exported to the local grid.”
G&F Phelps has previously loaned funds to Galantas.
Chief executive Mario Stifano added: “On-site solar power generation can reduce mine operating costs, lower our carbon footprint and reduce the requirement for fuel transportation onto the project site, resulting in fewer traffic movements locally.
“It is a “win-win” for the company and the environment.”
The company also owns the Gairloch gold-bearing volcanogenic massive sulphide project in the Scottish Highlands.