Join our daily newsletter At The Bell to receive exclusive market insights
- Fin Resources (FIN) granted an additional licence at its majority-owned Sol Mar project in the Pilbara region of Western Australia
- The Western Australian Department of Mines, Industry Regulation and Safety granted E08/3355, which comprises 85 graticular blocks and covers 270.5 square kilometres
- An assessment of the new licence estimated solar resource potential of 18 gigawatts, which is 30 per cent of the total estimated solar resource potential for the project
- Fin says the area is a key component of its strategy for large-scale production of green products from seawater using renewable energy
- Shares in Fin Resources are up 25.93 per cent to 3.4 cents each as of 2:30 pm AEDT
Fin Resources (FIN) has been granted an additional licence at its majority-owned Sol Mar project in the Pilbara region of Western Australia.
The Western Australian Department of Mines, Industry Regulation and Safety granted E08/3355, which comprises 85 graticular blocks and covers an area of 270.5 square kilometres.
The new licence sits adjacent to existing granted tenure and in close proximity to Onslow, the Ashburton North Strategic Industrial Area and the Port of Ashburton.
Moreover, the project is located in a proven salt production region, situated close to an existing solar salt project run by Mitsui and also BCI Minerals’ Mardie salt and potash project.
Due to its strategic location, Fin considers E08/3355 a key component in its strategy to pursue large-scale production of green products from seawater using renewables.
As outlined in the company’s scoping study released in November, an assessment by independent consultant GHD estimated the solar resource potential of the new licence to be 18 gigawatts (GW), which is 30 per cent of the total estimated solar resource potential for the project of 60 GW.
FIN Executive Director Ryan de Franck said key planning, permitting and study activities are progressing well.
“The grant of E08/3355 is a good way to start the year and build momentum in what is shaping up to be an exciting year for FIN,” Mr de Franck said.
Shares in Fin Resources are up 25.93 per cent to 3.4 cents each as of 2:30 pm AEDT.
