Anglesey Mining’s move to investigate a pumped hydro storage project at its 49.8% owned Grängesberg mine in Sweden after the proposed mining operation ceases has caught the eye of broker WH Ireland.
Anglesey announced on Tuesday that it has entered a Memorandum of Understanding with Mine Storage to investigate the project, which would offer a green-energy storage solution utilising water and gravity to store electrical energy.
The system involves water being fed through pipes down a shaft into turbines, which produce electricity to supply to the grid while pumping water back to the surface and has “round-trip efficiency of 75% to 85% and proven durability,” according to Anglesey.
“The idea for a project to outlive the life of the resource is very compelling and would feed into a ‘Circular Economy with existing technology turning a depleted mine into a power storage asset ensuring generational benefits’ and provide post-mine benefits for Anglesey shareholders,” WH Ireland analyst Paul Smith wrote.
“We await news on the study with interest as we see the potential for this to transfer to other mining projects.”
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