Copper 360 mulls entering renewable power distribution

COPPER 360 has signed a deal to acquire 55MW of wind power for R60m which it said on Wednesday could form the business of a renewable distribution business.The Northern Cape miner will buy 100% of Mulilo Springbok Wind Power which is investigating a full permitted project. The consideration will be settled with a R5m upfront cash payment and R1m installments per MW of power supplied.Apart from lowering costs, Copper 360 said it had embarked on a study to see if it could become a supplier of renewable energy in the region whilst maintaining its focus on mining copper from its mini-pits in the Nababeep region.“Copper 360 has commenced investigating a wider renewable energy supply strategy of which wind energy generation will be an important component,” it said in an announcement to the Johannesburg Stock Exchange today.“This investigation will, inter alia, include an assessment of whether to exercise its right to participate in the energy supply business or to outsource energy production to a greater or complete extent with due consideration of its focus on its core objective which is to grow its copper business,” it said.Shirley Hayes, the newly appointed CEO of Copper 360 said she was “thrilled” about the acquisition of the MSWP wind energy project which would “position us at the forefront of the green economy of which, as a copper producer we are an integral part.Copper 360 announced on December 30 that Hayes had taken over as CEO with her focus falling “primarily on operational and financial excellence ensuring strict cost discipline and company resource optimisation”.Jan Nelson, the former CEO, would focus on “resource strategy and equity value”. Shares in the company have fallen 46% in the last 12 months after the company failed to follow up on production promises. Rupert Smith has been appointed as non-executive chairperson of the Copper 360 board.  The post Copper 360 mulls entering renewable power distribution appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com