Galantas Gold Corp on Wednesday said that it has agreed to a proposal by G&F Phelps Ltd to develop a solar power facility at the Cavanacaw gold mine at the Omagh project.
Galantas is a Northern-Ireland focused gold mining company, which owns and operates an open pit gold mine near Omagh, County Tyrone. The project covers a 189 square-kilometre licence area, approximately 1.5 hours from Belfast by car.
If completed, the two-megawatt facility, with battery storage, is expected to ‘significantly boost power generation’ on site. It would also help to provide lower cost power.
According to the proposal, G&F Phelps would rent rehabilitated land, comprised of former tailings cells and a filled southern section of the former open pit. G&F Phelps is expected to provide the majority of capital required for the project, recouping the cost from the power generated.
‘On-site solar power generation can reduce mine operating costs, lower our carbon footprint and reduce the requirement for fuel transportation onto the project site, resulting in fewer traffic movements locally. It is a ’win-win‘ for the company and the environment,’ said Chief Executive Officer Mario Stifano.
Shares in Galantas Gold were untraded at 7.00 pence each in London on Wednesday morning.
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