Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Cyprus-based Atalaya Mining (AIM: ATYM, TSX: AYM) and utility company Endesa X have joined forces to build the largest self-consumption photovoltaic plant for a mining operation in Spain.
The 50-MW facility will be located in the southwestern municipality of Minas de Riotinto, where Atalaya’s local subsidiary manages the historic Riotinto mine, an open-pit copper operation with a commercial production rate of 15 mtpa and proven and probable ore reserves totalling 197 million tonnes at 0.42% copper.
The €30-million, 60-hectare solar farm will be the first one in Spain to supply clean energy to a mining operation. It will include 75,765 solar panels of 650 and 655 Wp, which will extend through a collection area of 234,810 square metres, thus fulfilling one-quarter of the mine’s energy needs.
The facility is also expected to avoid the annual release of 40,000 tonnes of CO2 into the atmosphere or the equivalent of the emissions of over 19,000 gas-powered cars.
Besides the main plant, Endesa X plans to build a substation that will convert energy from 132 to 30 kilovolts and will connect directly to the mine. The amount of green energy supplied to Riotinto will be equivalent to powering 14,500 homes for 12 months.
“Atalaya’s commitment to this project involving the use of natural resources through photovoltaic solar solutions will allow the company to be self-sufficient when it comes to its energy needs, as well as optimize its energy consumption and reduce its carbon footprint,” Davide Ciciliato, Endesa X’s general director, said in a media statement.
“This is a strategic project, both for Endesa X and for the country, as it promotes the development of new alternative sources of energy and fosters energy independence both at a national and at a European level.”
