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Johannesburg-based gold miner Gold Fields Limited (JSE:GFI) is set to invest AUD 296 million (USD 195.7m/EUR 179.1m) to build a wind and solar power complex at its St Ives mine in Western Australia.
The complex will feature a 42-MW wind farm with seven turbines, a 35-MW solar plant, a 33-kV hub substation and a 132-kV transmission line, Gold Fields said in an announcement on Monday.
Unlike its previous renewable energy projects, which were entrusted to independent power producers, Gold Fields will build and manage the St Ives complex itself, the miner said.
In 2023, 17% of Gold Fields' electricity consumption came from renewables, resulting in a 5% decrease in carbon emissions. The St Ives project will increase the renewables share in its mix to approximately 24% and contribute to the company's target of reducing scope 1 and 2 emissions by 30% compared to the 2016 baseline, according to Gold Fields’ calculations.
The project has received necessary approvals, including that from Traditional Owners of the land. The gold miner expects the construction to begin in May 2024.
The St Ives wind and solar power complex will be operational by the end of 2025, helping to meet 73% of the mine’s electricity needs.
Other renewable energy projects in Gold Fields' portfolio include an 11-MW expansion of an 8-MW solar farm at the Granny Smith mine in Australia, a 7.7-MWp solar project at Salares Norte in Chile, and the installation of 40 MW of wind turbines for the South Deep mine in South Africa.
(AUD 1.0 = USD 0.661/EUR 0.605)
