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| Date | 24 Apr 2024 |
| Time | 07:00:05 |
| Category | Corporate updates |
| ID | 7160L |
E mail: griffin@griffinmining.com
24th 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