Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) today highlighted what it described as significant progress for its renewable energy developments related to its gold mining operations.
The company, in a stock market statement, told investors that the Barberton Mines’ Fairview solar facility is progressing though the signing of an engineering, procurement and construction (EPC) deal with JUWI Renewable Energies.
It is envisaged as a 8.75 megawatt solar photovoltaic facility – projected to deliver cost saving of around 26mln Rand (US$1.4mln) in year one, and around 40mln Rand per year thereafter. Moreover, it is expected to reduce carbon emissions (by around 22,000 tonnes of CO2 per year).
Additionally, the company has inked an agreement for a ‘wheeled’ renewable energy solution for some 40 MW of generating capacity.
“Our solar PV renewable energy initiatives are key components in progressing Pan African’s renewable energy strategy and in achieving our sustainability targets,” said chief executive Cobus Loots.
“In addition to measurably reducing the Group’s carbon emissions, these projects will assist in stabilising the electricity supply to our operations, while also realising commensurate cost savings that will assist in reducing our overall AISC per ounce of production in the longer term.”
In London, Pan African shares were up just over 5% changing hands at 19p.