- Evolution Mining (EVN) secures a power supply agreement for its Cowal gold operation in New South Wales
- Fellow ASX lister AGL Energy (AGL) will supply power, including renewable energy for an eight-year period
- EVN Executive Chair Jake Klein says this is an important milestone and is pleased to have secured a competitively priced contract in a challenging energy market
- The company is focused on seeking ways to reduce emissions in order to deliver on its Net Zero commitments by 2050
- Evolution shares are up 5.47 per cent to trade at $2.12 at 3:08 pm AEDT
Evolution Mining (EVN) has secured a long-term power supply agreement with fellow ASX-listed company AGL Energy (AGL).
The eight-year partnership is for Evolution’s Cowal gold operation and will see AGL supply power to the NSW-based operation at a competitive price.
Evolution said power costs represent roughly seven per cent of the total costs to operate the mine.
Reportedly, a growing amount of the power will be from renewable sources which provides the company with the opportunity to meet its commitment of reducing emissions by 30 per cent by 2030.
AGL General Manager Commercial and Industrial Customer Ryan Warburton said the companies have been working together for a tailored solution for the Cowal mine.
“This announcement with Evolution Mining is another great example of how AGL is partnering with industry to help them reduce their carbon emissions and lower their energy costs,” Mr Warburton said.
“Through innovative partnerships like this, we are delivering on a low-carbon future with our customers and communities as we transition towards net-zero,” he said.
EVN Executive Chair Jake Klein said the agreement is a “very important milestone” for Evolution.
“In a very challenging energy market, we have been able to secure both a long-term, competitively priced power contract for Cowal and a growing renewable component that provides us a clear pathway to reducing our energy emissions.”
The company said it will continue seeking ways to further reduce emissions in order to deliver on its net zero commitments by 2050.
Evolution shares were up 5.47 per cent to trade at $2.12 at 3:08 pm AEDT.