India boosts gold reserves by most in two years, WGC says
The Reserve Bank of India added more than nine tons in June, based on calculations using weekly data from the bank.
Nevada Gold Mines (NGM) is investing in a 200-megawatt (MW) solar power plant designed to accelerate its decarbonization program, in line majority owner Barrick Gold’s (NYSE: GOLD; TSX: ABX) Greenhouse Gas Reduction Roadmap.
NGM has entered a partnership with Arizona-based First Solar to manufacture all modules required to support the 200 MW plant entirely in the United States. NGM has already commenced detailed engineering, and expects to begin construction in the third quarter. The modules supplied by First Solar are expected to be delivered in the beginning of the second quarter of 2023 and will power both phases of the power plant.
NGM said it chose to contract with a supplier who is committed to fair labour practices, investing in American manufacturing and American jobs, and is one which will deliver high-performance solar panels with the lowest carbon footprint and the best environmental profile available today.
Although this process has been time-consuming, it has allowed the company to optimize the project schedule to commission both phase I and phase II by early 2024, NGM said.
NGM is currently committed to a 20% carbon reduction goal by 2025 and said it will be achieved through the 200MW solar array construction and the conversion of its coal-fired power plant to cleaner burning natural gas.
“The project is the latest in a series of carbon-reducing initiatives across the group’s global operations,” said Barrick group sustainability executive Grant Beringer in a news release.
“The solar power plant will complement the transition of NGM’s coal power plant to a dual fuel process, which will enable it to generate electricity from natural gas, reducing carbon emissions by as much as 50%.”
NGM is joint venture owned 61.5% by Barrick, with Newmont (NYSE: NEM; TSX: NGT) holding the remaining 38.5%. It is the single largest gold-producing complex in the world with a portfolio of 10 underground and 12 open pit mines.
