REG - Bezant Resources PLC - LOI re sustainable energy supply for Hope & Gorob

Bezant ResourcesAnnouncement

24/07/2024 08:00

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RNS Number : 6202X  Bezant Resources PLC  24 July 2024

24 July 2024

Bezant Resources PLC

("Bezant Resources", "BZT" or "the Company")

Partnership for the delivery of a sustainable renewable solar energy supply

for the Hope & Gorob Copper - Gold Project, Namibia

 

 

Bezant Resources ("Bezant" or the "Company") is pleased to announce it has
signed a non-binding letter of intent ("LOI") to enter into a partnership
between the Company and both CrossBoundary Energy Management ("CrossBoundary
Energy") and Eversolar Pty Ltd ("Eversolar") for the provision of a renewable
and/or hybrid solar energy supply for the Hope & Gorob Copper - Gold
Project in which  Bezant holds a 70% interest. (the "Project"). Subject to
executing a legally binding offtake agreement, the installation will provide a
sustainable renewable power supply for both the crushing and ore sorting
plants at the Hope & Gorob site as well as a renewable installation at the
flotation plant located close to Swakopmund that will be reconfigured to
produce a final copper-gold concentrate from the ore sorted pre-concentrate.

 

Bezant has been seeking an energy solution for the Project that will save on
energy cost, reduce CO(2) emissions, and reinforce the Company's
sustainability initiative consistent with best ESG practices. The Project has
already committed to the use of dry ore sorting to reduce water dependency
together with the repurposing of an existing off-site flotation plant that
greatly reduces the Hope & Gorob physical footprint.

 

Highlights

 

·     The LOI is for delivery of a sustainable renewable solar energy
solution to both the Hope & Gorob and flotation plant sites and is subject
to joint execution of a legally binding renewable and/or hybrid energy power
offtake agreement by or before 1 December 2024

·     No advance payments required from Bezant

·     Indicative proposal, which is based on initial 15 year contract
term, presents highly competitive cost of energy

·     It will provide large savings both financially and in greenhouse
gas emissions compared to a thermal only solution

 

Commenting on the initiative, Chairman Colin Bird said "We are delighted to be
working with two leaders in the renewable energy sector and the ability of
CrossBoundary Energy and Eversolar to construct a renewable solution that
incorporates both production sites is a major gain in terms of cost reduction
over the life of mine and a reduction in emissions. Our commitment to a
sustainable power supply underpins our previous work introducing dry ore
sorting to limit water consumption and the plan to effectively  recycle an
existing flotation plant to process our pre-concentrate. These initiatives
combined demonstrate that smaller projects can also afford to operate in a
responsible and sustainable manner."

 

CrossBoundary Energy will assume responsibility for financing and
implementation of the solar hybrid system and provide a guarantee of
reliability and a suitable renewable policy for the life of the mine working
with co-developer Eversolar which will be responsible for an EPC (Engineering
- Procurement - Construction) solution and the completion of the project and
subsequent day to day management of the solar plants at both Hope & Gorob
and the flotation plant.

 

Benefits of the renewable energy solution

 

·     No upfront payment required from Bezant.

·     Minimal exposure to erratic diesel prices.

·     Sustainable operations through cleaner power.

·     24/7 operations and maintenance of the generating facility.

·     Real-time monitoring and management.

·     Performance ratio and availability guarantees.

 

Background on CrossBoundary Energy

CrossBoundary Energy is a leading developer, owner, and operator of
distributed renewable and hybrid energy solutions for business that provides
fully-financed cheaper, cleaner energy. CrossBoundary Energy is currently
delivering a portfolio of over $285 million of hybrid renewable energy assets
for mining clients such as Rio Tinto, Syrah Resources, Norton Gold Fields, FG
Gold and NextSource Materials globally. CrossBoundary Energy is a member
company of the CrossBoundary Group, a mission-driven investment firm founded
in 2011 and committed to unlocking the power of capital for sustainable growth
and strong returns in underserved markets. Learn more at
www.crossboundaryenergy.com (https://www.crossboundaryenergy.com)

 

Background on Eversolar

Eversolar is a leading developer and provider of engineering, procurement, and
construction (EPC) services specialising in solar solutions for the
commercial, industrial, agricultural, and mining sectors. With a commitment to
innovation, quality, and reliability, Eversolar has established itselves as
the go-to partner for businesses seeking to harness the power of solar and
battery storage to drive their operations forward and realising sustainability
goals. Learn more at www.eversolar.co.za (http://www.eversolar.co.za)

 

For further information, please contact:

 Bezant Resources Plc

+44 (0) 20 3416 3695
 Colin Bird Executive Chairman
 Beaumont Cornish (Nominated Adviser)       +44 (0) 20 7628 3396

Roland Cornish / Asia Szusciak
 Novum Securities Limited (Joint Broker)

 Jon Belliss                                +44 (0) 20 7399 9400
 Shard Capital Partners LLP (Joint Broker)

 Damon Heath                                +44 (0) 20 7186 9952

Beaumont Cornish (Nominated Adviser)

Roland Cornish / Asia Szusciak

+44 (0) 20 7628 3396

Novum Securities Limited (Joint Broker)

Jon Belliss

 

+44 (0) 20 7399 9400

Shard Capital Partners LLP (Joint Broker)

Damon Heath

 

+44 (0) 20 7186 9952

 

or visit http://www.bezantresources.com (http://www.bezantresources.com)

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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