Mining
Wednesday, July 10th, 2024 12:55 pm EDT
Key Points
- Galantas Gold Corp. plans to develop a two-megawatt solar power facility at the Cavanacaw gold mine in Northern Ireland, in collaboration with G&F Phelps Ltd.
- The solar facility, with battery storage, is expected to reduce power costs and carbon footprint, utilizing rehabilitated land and requiring regulatory approval.
- G&F Phelps, a major shareholder and financier of Galantas, will provide most of the capital, recouping costs through generated power, and surplus power will be exported to the local grid.
Galantas Gold Corp. has agreed in principle to a proposal from G&F Phelps Ltd. to develop a solar power facility at the Cavanacaw gold mine at the Omagh project in County Tyrone, Northern Ireland.
The two-megawatt facility, with battery storage, is expected to significantly boost 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 comprising former tailings cells and a filled southern section of the former open pit. 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 is a shareholder of Galantas, to which it has also provided loan finance. It is controlled by former Galantas chief executive officer Roland Phelps.
Mario Stifano, chief executive officer of Galantas, commented: “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.”
About Galantas Gold Corp.
Galantas Gold is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM (Alternative Investment Market), both under the symbol GAL. It also trades on the OTCQX exchange under the symbol GALKF. The company’s strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh project in Northern Ireland and exploring the Gairloch project hosting the Kerry Road gold-bearing VMS (volcanogenic massive sulphide) deposit in Scotland.
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