REG - Chariot Limited - Renewable Energy for Mining Operations in Zambia

ChariotAnnouncement

21/03/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220321:nRSU3615Fa&default-theme=true

RNS Number : 3615F  Chariot Limited  21 March 2022

 

 

 

 

21 March 2022

 

Chariot Limited

("Chariot", the "Company" or the "Group")

 

Renewable Energy for Mining Operations in Zambia

Aiming to develop one of the most ambitious renewable energy projects in
Africa

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy company,
is pleased to announce that Chariot Transitional Power, a division of Chariot
Limited, along with Total Eren, a leading France-based renewable energy
Independent Power Producer ("IPP"), has entered into a newly established
partnership with First Quantum Minerals ("FQM"), a global mining and metals
company, to advance the development of a 430 MW solar and wind power project
for its mining operations in Zambia.

 

This flagship project would complement and expand Zambia's existing renewable
energy capacity and would provide FQM with competitive and sustainable power
for its Zambian mining operations, delivering on FQM's commitment to
decarbonisation as it seeks to reduce its carbon footprint by 30% by 2025, and
underline its responsible mining credentials.

 

FQM's Kansanshi Mine General Manager Anthony Mukutuma, commented:

"The project will offer significant benefits to Zambia, by unlocking some of
its world-class renewable potential. It will help the country realise some of
its untapped solar and wind resources by attracting large-scale foreign
investment and adding significant renewable energy capacity. In line with
Zambia's Vision 2030, the project will further contribute to improving
Zambia's energy-mix, reducing expensive regional power imports and exposure to
fuel prices.

Major projects such as this underline First Quantum's responsible mining
credentials and are a critical part of its plan to reduce its carbon footprint
by 30% by 2025."

 

Fabienne Demol, EVP and Global Head of Business Development at Total Eren,
commented:

"Together with our partner Chariot, we are pleased to bring our global
expertise in solar and wind generation to power FQM's operations. The combined
solar and wind capacity will offer strong complementarity and power generation
around the clock, with solar produced during the day and wind mainly at night.

The project also represents a natural fit with Zambia's hydropower resource
seasonality; the project's energy mix reaches its production peak during the
dry season when the country is most exposed to droughts. Increasing the share
of renewables will improve the country's carbon footprint and address current
and future challenges related to climate change."

 

Laurent Coche, Chariot Transitional Power Executive Director, commented:

"We are very excited to be partnering with FQM and Total Eren on this
ground-breaking 430 MW project in Zambia. This project further demonstrates
Chariot's commitment to assisting mining companies in Africa transition to
renewable energy sources for their operations, with Zambia having an abundance
of wind and solar potential. We are delighted to get started on the project,
ahead of construction commencing in 2023, and we look forward to providing
further updates in due course."

 

 

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018.

 

For further information please contact:

 

 Chariot Limited                                    +44 (0)20 7318 0450

 Adonis Pouroulis, Acting CEO

 Julian Maurice-Williams, CFO

 Cenkos Securities Plc (Nomad & Joint Broker)       +44 (0)131 220 9100

 Derrick Lee, Adam Rae

 Peel Hunt (Joint Broker)                           +44 (0)20 7418 8900

 Richard Crichton, David McKeown

 Celicourt Communications (Financial PR)            +44 (0)20 8434 2754

 Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an African focused transitional energy group with two business
streams, Transitional Gas and Power.

 

Chariot Transitional Gas is a high value, low risk gas development project
offshore Morocco with strong ESG credentials in a fast-growing emerging
economy with a clear route to early monetisation, delivery of free cashflow
and material exploration upside. Chariot Transitional Power, looking to
transform the energy market for mining operations in Africa, providing a giant
largely untapped market with cleaner, sustainable, and more reliable power.
Additionally in September 2021, Chariot announced its partnership with the
Government of Mauritania for the potential development of a large-scale green
hydrogen project.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSELSASEESESD