ASX-selected Resolute Mining signed a joint development agreement with energy financiers, developers and operators of Ignite Energy Projects to develop a 40 MW independent solar hybrid power plant at the Syama gold mine in Mali.
The power plant, which will be in operation by the end of 2020, will combine solar, battery and heavy fuel oil technologies and replace the existing 28 MW diesel power plant in the mine.
Ignite will design, finance, build, own and operate the power plant and provide Resolute power on a guaranteed basis at a maximum rate of 12 to 20 years.
Once built, the project is expected to be the largest extra-urban, fully integrated hybrid power plant for a stand-alone mining operation.
Resolute expects solar hybrid power to reduce its energy costs in Syama by 40%, as well as to reduce the carbon emissions of the mine.
"The project is in line with our ongoing efforts to use innovation and technology to optimize and refine our Syama operations and achieve outstanding results for our shareholders.
"The project is a key component in achieving the expected cost of maintaining the $ 750 / ounce of the underground gold mine" Syama "," Chief Executive Officer and MD John Wellburn commented in a statement released on Monday.