NEXTSource to power its graphite mine in Madagascar with hybridized solar-thermal energy
(Kitco News) - NextSource Materials (TSX:NEXT) announced today it has awarded a power supply contract to independent power producer CrossBoundary Energy ("CBE") for the long-term supply of solar and thermal generation to power the operations of its Molo graphite mine in Madagascar.
The company said that the contract is for a 20-year term and has been designed to scale with the production output of the Molo mine, where delivery of power will increase in lockstep with all future expansion capacity requirements.
The company added that a subsidiary of CBE in Madagascar is developing the project and will build, own, and operate the Molo hybrid energy power plant at no capital cost to NextSource.
It will be located adjacent to the Molo mine site and is expected to be operational at the same time as the Molo mine is expected to commission in Q2 of 2022. NextSource said it will initially be able to source up to one third of the Molo mine's total electricity needs from renewable solar energy, with the view of increasing the percentage of renewable energy to a majority.
“This delivers on our commitment to reduce emissions and move towards more sustainable operations. Deployment of clean, renewable and sustainable power sources to reduce emissions is a cornerstone of our operational strategy and will reduce our expected energy costs over the life of our project,” the company said in a statement.
NextSource Materials is a strategic materials development company based in Toronto, Canada that is intent on becoming a fully integrated, global supplier of critical battery and technology materials needed to power the sustainable energy revolution.
The company indicated that its Molo graphite project in Madagascar is one of the largest known and highest-quality graphite deposits globally, and the only one with SuperFlake® graphite. Construction of Phase 1 of the Molo Project is underway, with commissioning expected in Q2 2022.