Anglesey Mining PLC Hydro-Storage Options to be studied for Grängesberg

 
TIDMAYM 
 
Trading Symbol 
 
                                                                       AIM: AYM 
 
14th March 2023 
 
                              Anglesey Mining plc 
 
                         ("Anglesey" or "the Company") 
 
              Hydro-Storage Options to be studied for Grängesberg 
 
Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased 
to announce it has entered into a Memorandum of Understanding ("MoU") with 
Swedish energy storage company Mine Storage International AB ("Mine Storage") 
to investigate conceptual plans and designs for a pumped hydro-energy storage 
project at the Company's 49.75% owned Grängesberg Mine after mining ceases. 
 
  * Anglesey Mining plc, together with its 49.75% owned subsidiary Grängesberg 
    Iron AB ("GIAB") have entered into an MoU with Mine Storage to investigate 
    the potential for the Grängesberg Mine to be converted into a Pumped 
    Hydro-Storage project at the end of the mine's producing life. 
  * Pumped-Hydro Storage is a green-energy storage solution that utilises water 
    and gravity to store electrical energy. An underground mine can provide a 
    closed-loop solution using proven, pumped hydro-power technology. 
    Essentially, the system involves water being gravity fed through pipes down 
    a shaft into the turbines, which produce electricity for supply to the grid 
    and also pump the water back to surface. The mine storage system has a high 
    round-trip efficiency of 75-85% and proven durability. 
  * The MoU with Mine Storage could lead to numerous future benefits including: 
      + A potential long-term revenue stream from the Grängesberg Mine to 
        enhance the cashflow and NPV8 of US$688m determined from the July 2022 
        Prefeasibility Study Update 
      + Enabling the Circular Economy with existing technology turning a 
        depleted mine into a power storage asset ensuring generational benefits 
      + A well credentialled Swedish partner and potential exposure to 
        Scandinavian investors 
 
Jo Battershill, Chief Executive of Anglesey Mining, commented: "We are very 
pleased to have signed this MoU with Mine Storage over our Grängesberg project. 
The Mine Storage team has identified the Grängesberg Mine as one of the most 
suitable locations to design, install and operate what could potentially be a 
significant pumped hydro-storage project." 
 
"As we have stated previously, we believe the Grängesberg project provides 
substantial strategic value and has the potential to be restarted as one of 
Europe's largest individual producers of high-grade iron ore concentrates. We 
continue to investigate ways to advance the project through to a Financial 
Investment Decision, which may involve securing a strategic investor, offtake 
partner, separate listing, or a combination of these options." 
 
"Any potential to covert the mine into a long-term source of hydro-storage 
power only adds to the strategic value of the asset. We look forward to working 
with Mine Storage on the options for integrating a pumped hydro-storage 
solution into the mine plans." 
 
Thomas Johansson, Co-founder and Chief Executive of Mine Storage International, 
commented: "This collaboration with Anglesey is a great confirmation of the 
value Mine Storage can offer not only in the global energy transition, but also 
for a sustainable mining industry. Anglesey Mining and Grängesberg Iron show a 
great leadership and we are both pleased and honoured to have entered into this 
collaboration with them." 
 
About Mine Storage International AB 
 
Mine Storage is a Swedish based company targeting the development and operation 
of grid-scale mine storages using infrastructure that is already available. The 
Mine Storage team have a combined total of 200 years' experience within many 
areas of the power industry - from hydropower, wind development, energy trading 
and more. Its staff has completed more than 30 infrastructure projects and been 
part of 19 start-ups. 
 
Mine Storage aims to be true enabler of a sustainable energy transition by 
developing and operating fast-response and medium to large scale pumped hydro 
systems in underground mines. 
 
https://www.minestorage.com 
 
To view or download a pdf version of this RNS with a diagram of a similar 
pumped Hydro-Storage scheme, please click on this link:  https:// 
www.angleseymining.co.uk/wp-content/uploads/2023/03/GIAB_hydro_storage.pdf 
 
About Anglesey Mining plc 
 
 
Anglesey Mining is traded on the AIM market of the London Stock Exchange and 
currently has 295,220,548 ordinary shares on issue. 
 
Anglesey is developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au deposit in 
North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3% 
combined base metals in the Indicated category and 11.7 million tonnes at 2.8% 
combined base metals in the Inferred category. 
 
 
Anglesey also holds an almost 50% interest in the Grangesberg Iron project in 
Sweden, together with management rights and a right of first refusal to 
increase its interest to 100%.  Anglesey also holds 12% of Labrador Iron Mines 
Holdings Limited, which through its 52% owned subsidiaries, is engaged in the 
exploration and development of direct shipping iron ore deposits in Labrador 
and Quebec. 
 
 
 
 
For further information, please contact: 
 
 
Anglesey Mining plc 
 
Jo Battershill, Chief Executive - Tel: [phone] 
 
John Kearney, Chairman - Tel: [phone] 
 
Davy 
 
Nominated Adviser & Joint Corporate Broker 
 
Brian Garrahy / Lauren O'Sullivan - Tel: [phone] 
 
WH Ireland 
 
Joint Corporate Broker 
 
Katy Mitchell / Harry Ansell - Tel: [phone] 
 
Scout Advisory Limited 
 
Investor Relations Consultant 
 
Sean Wade - Tel: [phone] 
 
LEI: 213800X8BO8EK2B4HQ71 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 14, 2023 06:43 ET (10:43 GMT)