Miner to build $300m power station
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Mining company Gold Fields has opted to go it alone on development of its next major renewable energy project at its St Ives mine in the Goldfields.
The project, the largest in the Gold Fields portfolio, will comprise seven wind turbines generating 42 megawatts of power, 60,000 solar panels producing 35MW of power, plus a substation and transmission line.
The company’s board has approved a $296 million investment in the renewables project.
The facility will provide 73 per cent of the mine’s electricity requirements.
Gold Fields has previously engaged independent power producers such as EDL and APA Group to build and operate renewable power facilities at its mines.
In this case, Gold Fields plans to tap into its accumulated experience to build the St Ives project itself.
The miner plans to commence construction in May this year and have the facility operational by the end of 2025.
Gold Fields said six of its 10 mines globally were already powered partially by renewable electricity.
In 2023, renewable electricity accounted for 17 per cent of electricity consumption across Gold Fields’ global business, up from 13 per cent a year earlier.
Once the St Ives facility is operational, it will boost renewable energy in Gold Fields’ electricity mix to approximately 24 per cent.
In Western Australia, renewables provide 50 per cent of electricity consumed at its Agnew mine, where EDL owns and operates a facility with a renewables capacity of 22MW.
Gold Fields said that, in addition to the St Ives project, it was studying additional renewable energy projects.
This includes an 11MW expansion to the current 8MW solar plant at its Granny Smith mine in the Goldfields.
"The St Ives renewables project is a clear and tangible signal to our stakeholders of our decarbonisation commitments," Gold Fields CEO Mike Fraser said.
"Investing in renewables has obvious environmental benefits, but it also provides the business with cheaper electricity and offers an enhanced level of energy supply security.
“The St Ives renewables project will reduce electricity costs to a third of the previously projected costs by 2025.”
The project has received the required approvals from traditional owners of the land, the Environmental Protection Agency and the Western Australian Department of Energy, Mines, Industry Regulation and Safety.