KEY POINTS
- Copper 360 acquires Mulilo Springbok Wind Power for renewable energy.
- The 55 MW wind project aligns with Copper 360’s net-zero goals.
- The company’s share price rose nearly 6 percent on the news.
Copper 360, a JSE-listed copper producer, announced on January 22 its acquisition of Mulilo Springbok Wind Power (MSWP) as part of its strategic move to secure renewable energy for its Northern Cape operations.
MSWP, owned by Mulilo Renewable Project Developments, is advancing a 55 MW wind energy generation facility in the Springbok area.
The project has all required environmental approvals and land permissions to begin work as scheduled.
Copper 360 paid an initial R5 million ($270,000) for the acquisition, with deferred payments of R1 million ($54,000) per megawatt as capacity is installed.
Moreover, the deal is expected to conclude in early February, with no conditions precedent.
Strategic shift toward energy security
Copper 360 CEO Shirley Hayes said that getting renewable energy supplies is essential for the company’s plan to maintain long-term growth while making operations eco-friendly.
According to Mining Weekly, the wind energy project will help Copper 360 meet its growing energy needs in a cost-effective and environmentally responsible manner.
“The pursuit of energy security for Copper 360’s growing business in the form of reliable and responsible renewable power generation is a key strategic objective,” Hayes said.
The company’s share price on the JSE surged nearly 6 percent following the announcement, reflecting investor confidence in its forward-thinking approach.
Advancing sustainability through renewable energy
The Springbok wind project represents a broader renewable energy supply strategy for Copper 360, with wind energy set to play a significant role.
The company plans to assess both energy production possibilities and outsourcing decisions to keep its focus on copper business activities.
Copper 360 uses its cluster mining approach that saves energy and protects the environment towards achieving its carbon-zero objectives.
The project will provide both eco-friendly outcomes together with notable electricity cost reductions, according to Hayes.
Boosting confidence in sustainable mining practices
South Africa now sees Copper 360 more actively integrating renewable energy to demonstrate responsible mining practices.
The company reduces its energy cost risks and power availability challenges by utilizing wind power as its energy source.
Mining operations that use renewable energy technologies will become the future industry standard, based on this strategic move.
