South32’s Share Price Increases Amid Renewable Energy Development

BHP’s spinoff company, South32 Ltd [ASX:S32], is further developing their Carrington operation in northern Queensland. The site is about to get solar energy, as the mining company has launched a remote, off-grid renewable energy project, which will help the site reduce greenhouse emissions.

The solar farm is a six hectare, 3MW development that has the capability to generate electricity for the mine’s surrounding areas.

South32’s share increase has been consistent this year.

Today their shares have increased by 1.80% and are now trading at $3.69 a share.

Further developments

The solar farm’s surplus power will be able to support the surrounding community and various processing operations that take place in the mine.

South32 believes costs in renewable energy have lowered in recent times, which is appealing for the business as it falls in line with their commitment to the environment.

Renewable technology and innovations are something South32 are taking advantage of, as they are aware of its growing trend and functionality.

The energy will primarily be used with their Cannington lead-silver-zinc operation.

RenewEconomy reported that South32’s chief sustainability officer, Rowena Smith, stated:

It’s an exciting time in the industry when renewable energy technology and innovation is applied to deliver power to our world-class remote mining operations.

Once development has fully concluded, the solar farm will be the second largest solar installation in Australia (at a remote, off-grid mining operation).

South32 state that the project will be able to pilot the company into similar projects.

South32 will be working with Energy Developments Pty Limited to properly develop the solar farm. Resources will be supplied to South32 through their partners.

This news could contribute to a further rise in South32’s share price.

Regards,

Ryan Clarkson-Ledward,
For Markets & Money

PS: 2018 Mining Boom: Jason Stevenson from Money Morning knows all the details that could lead to an impressive investment portfolio in his free report ‘The Top 10 Australian Mining Stocks’.


Ryan Clarkson-Ledward is a junior analyst for Markets & Money. Ryan has degrees in both communication and international business. His priority is bringing you the latest price updates on stocks through ASX updates, as well as supporting Sam Volkering with background research. As part of the team at Markets & Money his aim is to provide unbiased and relevant news for readers. Ryan’s work with Sam is designed to provide research that complements Sam’s analysis for small-cap and technology stocks. Together, their objective is to break through all the jargon and give you the hard facts to inform your investment decision-making. Ryan writes for:


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