Anglesey Mining has signed a memorandum of understanding (MoU) with Mine Storage International AB to explore the potential for a pumped hydro-energy storage project at the Grängesberg iron ore mine in Sweden after mining ceases.
The project would use water and gravity to store electrical energy, using proven pumped hydro-power technology, and could provide a long-term revenue stream for Anglesey.
The mine storage system reportedly has a high round-trip efficiency of 75-85% and proven durability.
The collaboration could also enable a circular economy and offer exposure to Scandinavian investors.
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.”
The Grängesberg mine, which has the potential to be restarted, could produce 2.3-2.5 million tons per year of high-grade iron ore concentrates.
“Any potential to convert the mine into a long-term source of hydro-storage power only adds to the strategic value of the asset,” said Jo Battershill, Chief Executive of Anglesey Mining. “We look forward to working with Mine Storage on the options for integrating a pumped hydro-storage solution into the mine plans.”
Source: INTERNATIONAL MINING
Image Source: Mine Storage