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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Department of Energy gives Nevada Gold Mines millions to set up advanced solar system

The project is expected to create 300 construction jobs and other opportunities

Department of Energy gives Nevada Gold Mines millions to set up solar system
Nevada. Photo credit: Barrick Gold Corporation

Nevada Gold Mines (NGM) is receiving a vast sum of money to set up a solar facility and battery storage system for a trio of gold operations.

The U.S. Department of Energy announced last week that it would provide US$475 million for five clean energy projects nationwide. The Barrick Gold Corporation (TSX: ABX) and Newmont Corporation (TSX: NGT) joint venture company will get US$95 million for its initiative if the sum is divided evenly among the projects “selected for award negotiation.”

The Decarbonizing Gold Mines project in the Elko, Eureka and Humboldt Counties is intended to serve as an example of how the mining industry can transition to net-zero. It is expected to create 300 construction jobs and other opportunities.

“The DOE is helping deploy clean energy solutions on current and former mine land across the country—supporting jobs and economic development in the areas hit hardest by our evolving energy landscape,” American energy secretary Jennifer M. Granholm said in a news release.

Funding will also go toward a major hydroelectric facility being built on a former coal mine site in Kentucky and a geothermal and battery storage project at two copper mines in Arizona. Moreover, a large-scale solar system will be set up at former coal mine sites in West Virginia and an even larger solar operation will be established in Pennsylvania.

“Solar in Nevada is booming and this grant funding will create new jobs and spur clean energy generation across the state,” Nevada Senator Cortez Masto said Thursday.

Nevada Gold Mines has had an interest in solar power for years. The major gold producer selected First Solar, Inc. (Nasdaq: FSLR) to be its solar module provider in 2022 prior to constructing a 200-megawatt plant in the Silver State.

Read more: BMO underwriters agree to invest C$100M in Calibre Mining

Read more: Calibre Mining added to VanEck Gold ETF

Other Nevada gold operators undertake green initiatives

In the Eureka County area, Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) has been recognizing the importance of environmental responsibility by limiting its water usage as much as possible.

The company has established a Water Conservation Plan for its Pan gold mine, which is regularly reviewed and updated accordingly. The mid-tier producer has posted flyers around the mine site emphasizing the importance of water conservation.

Meanwhile, others like i-80 Gold Corp. (TSX: IAU) have focused on the value of water management too. The aspiring mid-tier producer is actively involved with a Pit Lake Monitoring Program to assess levels of contamination at its Nevada operations.

The state will soon be home to another major solar operation as well, though it is not mining-specific like the NGM plant. The proposed Libra Solar project southeast of Reno will be a 700-megawatt operation on 5,500 acres. The project is expected to create hundreds of jobs and broadly benefit the state in the coming years.

It is anticipated to be capable of powering over 150,000 Nevada homes.


Calibre Mining is a sponsor of Mugglehead news coverage 


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