Last checked at 16 Dec 2021 07:00
Harvest Minerals Limited / Index: LSE / Epic: HMI / Sector: Mining
16 December 2021
Harvest Minerals Limited ('Harvest' or the 'Company')
Completion of Installation of Solar Power Facility to Supply 100% of Power Needs
Harvest Minerals Limited, the AIM listed remineraliser producer, is pleased to announce that it has concluded the construction of its solar power facility, which will meet 100% of the power requirements at its Arapua Fertiliser Project in Brazil ('Arapua').
Overview
· | Power generation to supply 100% of Arapua's power needs. |
· | Estimated 7% savings in Operating expenditure (mining, processing) due to lower energy costs v's FY21 figures. |
· | Energy prices per KW/h set to increase significantly in future years; project completion mitigates possible adverse effects on operating margins. |
· | Installation of Solar power facility completed in under three months. |
· | Significantly advances Company's strategy to make Arapua carbon-free and ESG agenda. |
Brian McMaster, Chairman of Harvest, said, "Our zero-carbon strategy takes a big step forward with the completion of the installation of our solar power facility. We will experience immediate impact on the reduction of our carbon footprint as well as in the bottom line with substantial and ongoing cost savings. In the year we qualified for the London Stock Exchange's Green Economy Mark, this achievement is another big statement to our commitment to ensuring our operations and products are as sustainable as possible."
Further Information
Harvest has finalized the construction of its solar power facility installed located beside Arapua's producing plant and storage facilities. The plant has capacity to supply 100% of Arapua's power needs, including mining, processing, and administration facilities. In total, 276.79 kilowatts peak (kWp) were installed, including 622 solar modules of 445 Wp each. The Company is now working with Cemig (Companhia Energética de Minas Gerais S.A) - Minas Gerais state power company - to connect the solar plant to the power grid, which is expected to be completed in January/February 2022.
Capacity has been planned according to Harvest's targeted production/sales growth for the next year, however, the modular design of the project will enable capacity to be increased as production is ramped up.
It is estimated that energy operating expenditure (mining and processing) will be reduced by 7% due to a sharp reduction in energy costs, thus increasing Harvest's profitability.
**ENDS**
For further information, please visit www.harvestminerals.net or contact:
Harvest Minerals Limited | Brian McMaster (Chairman) | Tel: +44 (0)20 3940 6625 | |
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Strand Hanson Limited Nominated & Financial Adviser | James Spinney Ritchie Balmer Abigail Wennington | Tel: +44 (0)20 7409 3494 | |
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Shard Capital Partners Broker | Damon Heath | Tel: +44 (0)20 7186 9900 | |
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St Brides Partners Ltd Financial PR | Isabel de Salis Oonagh Reidy
| E: info@stbridespartners.co.uk | |