TIDM1SN
RNS Number : 0567A
First Tin PLC
18 January 2024
18 January 2024
First Tin Plc
("First Tin" or "the Company")
Taronga Power Supply Options Update
Preliminary Results of Behind the Grid Connection Provides
Positive Results
First Tin PLC, a tin development company with advanced, low
capex projects in Germany and Australia, is pleased to provide an
update on the power options for its Definitive Feasibility Study
("DFS") at the Taronga Tin Project in Australia. The project is
owned by First Tin's 100% owned Australian subsidiary, Taronga
Mines Pty Ltd ("TMPL").
It is First Tin's preference to use renewable power as far as
possible and as TMPL owns approximately 25km(2) of freehold land
over the project area, it has ample room for renewables
infrastructure.
TMPL's DFS lead consultants, Mincore, have looked at various
power options including:
-- Grid connection (approximately 7.7km to nearest 66kV power line)
-- Diesel engine generators (purchase and hire)
-- Gas engine generators (purchase and hire)
-- Solar panels
-- Wind turbines
-- Various combinations of the above
The study has confirmed that a combination of gas engines for
the base load and night-time usage, supplemented by solar panels
for daytime augmentation, is the most cost-effective and
carbon-friendly option for Taronga's power solution.
To reduce carbon emissions as much as possible, within economic
constraints, TMPL's preference is to operate the main three stage
crusher only during daylight hours. This has four main
benefits:
1. It will reduce noise levels during evening hours.
2. It will enable solar power to be used for much of the
crushing, hence making the crushed ore stockpile a "battery".
3. It will reduce total carbon emissions, as grid or gas
generated power requirements will be considerably lower.
4. It will mean that most ore can be mined during daylight hours
with mainly waste rock being mined during the evening.
By only crushing during daylight hours, the power demand during
these times will be higher than during night-time hours, with peak
demand estimated at 5.5MW during the daytime and 2.8MW during the
evening.
Based on the preliminary scoping study completed by Mincore, 5 x
2MW gas engines will be required plus solar panels generating a
total of 10MW power during times of peak solar radiation.
Given the solar efficiency estimates of 65% during peak daylight
hours, an estimated overall solar efficiency of between 16.7% and
20.1% is expected. However, due to the much higher demand during
daylight hours, the overall amount of site power generated by solar
is estimated to be 53% of total demand.
The current estimate of operating cost for solar is A$0.01/kWh
and for gas is A$0.24/kWh. This equates to a total estimated
operating cost of A$0.12/kWh, considerably lower than the estimate
of A$0.29/kWh for grid power. This represents a saving of
A$0.17/kWh (58%) or around A$5.6M per year on site power costs,
plus carbon abatement of around 14,780t per annum.
Capital cost estimates are around A$28.6M compared with A$14.0M
for a grid connection, plus some added capital cost for oversizing
the crushing facilities (current estimate approximately A$4.7M).
The additional capital cost would be recouped within 3.5 years of
operation.
It should be noted that these estimates are to Level 3 (scoping
study) accuracy only at this time and that Level 5 (feasibility
study) accuracy estimates are currently in progress.
First Tin CEO, Bill Scotting commented : "These positive results
represent significant energy cost savings and support our
commitment to minimising First Tin's environmental and CO(2)
footprints, as we assist the current global clean energy and
technological revolution."
Enquiries:
First Tin Via SEC Newgate below
Bill Scotting - Chief Executive
Officer
Arlington Group Asset Management
Limited (Financial Advisor
and Joint Broker)
Simon Catt 020 7389 5016
WH Ireland Limited (Joint
Broker)
Harry Ansell 020 7220 1670
SEC Newgate (Financial Communications)
Elisabeth Cowell / Molly FirstTin@secnewgate.co.uk
Gretton
Notes to Editors
First Tin is an ethical, reliable, and sustainable tin
production company led by a team of renowned tin specialists. The
Company is focused on becoming a tin supplier in conflict-free, low
political risk jurisdictions through the rapid development of high
value, low capex tin assets in Germany and Australia.
Tin is a critical metal, vital in any plan to decarbonise and
electrify the world, yet Europe has very little supply. Rising
demand, together with shortages, is expected to lead tin to
experience sustained deficit markets for the foreseeable future.
Its assets have been de-risked significantly, with extensive work
undertaken to date.
First Tin's goal is to use best-in-class environmental standards
to bring two tin mines into production in three years, providing
provenance of supply to support the current global clean energy and
technological revolutions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDEAKFXFSELEFA
(END) Dow Jones Newswires
January 18, 2024 02:00 ET (07:00 GMT)
First Tin (LSE:1SN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
First Tin (LSE:1SN)
Gráfica de Acción Histórica
De May 2023 a May 2024
