BHP mulls turning closed coal pits into pumped | Australian Markets
BHP shall be allowed to mine its Mt Arthur coal pits in New South Wales proper up till the operation closes in 2030, and has began research to doubtlessly construct a pumped hydropower project on the disused website.
BHP on Wednesday confirmed it had obtained approval from the NSW Government to keep mining at Mt Arthur for one more 4 years from July 2026 to June 2030.
At the identical time the miner stated it had additionally engaged Spanish construction company Acciona to begin research to transform half of the location into a pumped hydro power storage project.
It comes three years after BHP determined it might wind down Mt Arthur — the biggest coal mine within the State — by the top of the last decade, a call that has reportedly put some 2000 jobs on the road.
The thermal coal mine had initially been scheduled to run till 2045. But after failing to secure a purchaser, BHP introduced the closure ahead to 2030 and sought to have its approvals as a consequence of expire in 2026 prolonged for one more 4 years.
The Big Australian bought two coalmines in Queensland in 2023 to Whitehaven Coal as half of its push to exit the fossil-fuel commodity and meet longer-term decarbonisation targets.
BHP claims a new pumped hydro project may call for up to 1000 jobs during the construction section and energy up to 500,000 properties throughout NSW a day.
BHP President Australia Geraldine Slattery stated the mining giant was “working hard to explore alternative land uses” for the sprawling 7000 hectare website.
“The community have told us they want to see Mt Arthur repurposed when mining ends. This study will examine the role pumped hydro at the Mt Arthur site could play in the region’s future,” she on Wednesday stated.
Ms Slattery stated the miner had additionally put $30 million into a fund for the neighborhood whose livelihoods shall be impacted by the closure of the mine.
“BHP is committed to leaving a positive legacy in the Hunter Valley. With our approval to keep mining to 2030 and with a $30 million fund, we’re recommitting to giving the community and our people the certainty and the support they need for the future.”
A pumped hydro project would make use of disused coal pits at Mt Arthur by changing them into to water reservoirs to generate renewable energy.
The course of sometimes entails utilizing wind or solar energy to pump water uphill to an elevated reservoir. Water within the larger reservoir is launched downhill to go by a turbine utilizing momentum to generate electrical energy at occasions of high demand.
BHP shares closed 1.2 per cent decrease to $36.07.
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