Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Nordgold announced Tuesday it has entered into an agreement with Total Eren, an independent power producer specializing in renewable energies and Africa Energy Management Platform (AEMP) to construct a 13 MW solar photovoltaic power plant to provide 100% renewable energy to its Bissa and Bouly mines in Burkina Faso.
Construction completion is expected in the fourth quarter of 2020. The new solar PV will provide Bissa and Bouly with power for both mines’ daily operational needs, significantly reducing reliance on the existing thermal power plant.
The plant will reduce the mines’ fuel consumption by approximately 6.4 million liters and CO2 emission by 18,000 tonnes per year
Norgold said the plant will enhance the environmental sustainability of the mines, and increase security of supply, and reduce costs at both mines. It will be complemented by a battery energy storage system, reducing the mines’ fuel consumption by approximately 6.4 million liters and CO2 emission by approximately 18,000 tonnes per year.
“By building this new solar power plant, not only will we improve the efficiency of our mines by creating a more secure power supply at lower cost, but we are also helping to make our Burkina Faso mines far more sustainable, while minimising our carbon footprint,” Nikolai Zelenski, Norgold’s CEO said in a media release.
Nordgold operates 10 mines (5 in Russia, 3 in Burkina Faso and one each in Guinea and Kazakhstan). It has several prospective projects in feasibility study and advanced exploration phases, and portfolio of early-stage exploration projects and licences in Burkina Faso, Russia, French Guiana and Canada.
