REG - Griffin Mining Ltd - CAIJIAYING MINE TO BE 100% POWERED BY RENEWABLES

Griffin MiningAnnouncement

24/04/2024 07:00

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RNS Number : 7160L  Griffin Mining Limited  24 April 2024

 

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

E mail: griffin@griffinmining.com (mailto:griffin@griffinmining.com)

 

 

24(th) April 2024

 

Caijiaying Mine to Become 100% Powered by Green - Renewable Energy

 

 

Griffin Mining Limited ("Griffin" or the "Company") herewith announces that
its operating subsidiary, Hebei Hua Ao Mining Industry Company Limited
("HHA"), has entered into an agreement with Zhangjiakou Guoao New Energy Co
Ltd ("ZGNE"), for the Caijiaying Mine to be the sole consumer of energy
generated from two 6.3MW wind turbines generating a total of 12.6MW of wind
power. The wind turbines will be constructed within 2.5km of the Caijiaying
Mine and connected to the current 36,000 volt mains electrical power lines.
ZGNE is HHA's current partner for the fully operational 6MW Solar Farm
facility located on the rehabilitated Tailings Facilities 1 and 2 at the
Caijiaying Mine. This new wind turbine agreement is a natural extension of the
already successful local partnership between HHA and ZGNE.

 

Once completed, the Caijiaying Mine will have 18.6MW of renewable electrical
capacity at peak generation which exceeds the current 18.1MW peak usage. In
accordance with current People's Republic of China regulations, this is the
maximum electrical capacity an independent private enterprise may develop. The
project is expected to be completed within 12 months, including all approvals
and construction.

 

HHA remains committed to 100% renewable energy. In addition to this renewable
energy generation, HHA is examining the installation of large-scale battery
storage capacity and the purchase of wind or solar energy directly from state
owned renewable energy projects in close proximity to the Caijiaying Mine to
achieve 100% renewable power at all times regardless of light or wind
conditions.

 

 

Mladen Ninkov, Chairman, commented:

 

"As the Company has continually emphasized, it has always been our stated goal
to be a fully responsible corporate entity in all respects, and
overwhelmingly, in terms of a clean and carbon free environment. To that end,
we have strived to fulfil our obligations at all stages of our development to
the people of China and the world. I thank the board of directors, senior
management, staff and contractors who have all strived for this momentous
achievement.

 

I know of no other active mine or operations that can claim to have fully
committed to the switch to 100% renewable energy and already be generating a
third of its energy from its solar farm. It is my hope, in an investment world
so often led by form and not substance, that the capital committed by moral
driven institutions, high net worth individuals and ordinary investors to
achieve a carbon neutral future for the planet, will reward Griffin for its
commitment and achievement in this vital and timely endeavour."

 

 

 

 

 

 

 

 

About Griffin Mining Limited

 

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited
owns and operates through its 88.8% owned Joint Venture in China, the
Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and
lead metals in concentrates. For more information, please visit the Company's
website griffinmining.com.

Further information

 

Griffin Mining Limited

Mladen Ninkov - Chairman
Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

 

Panmure Gordon (UK)
Limited
Telephone: +44 (0)20 7886 2500

             Dominic Morley

             Dougie McLeod

 

Berenberg
 
Telephone: +44(0)20 3207 7800

            Matthew Armitt

Jennifer Lee

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

 

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM).

 

The Company's news releases are available on the Company's web site:
www.griffinmining.com (http://www.griffinmining.com/)

 

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