Gold Fields Invests $296 Million in Renewable Energy to Significantly Reduce Mining Costs
Gold Fields, the South African gold mining company, is set to allocate $296 million towards wind and solar power infrastructure at its St Ives gold mine in Western Australia. This initiative aims to significantly reduce the mine’s reliance on gas-fuelled power, cutting its current power bill by two thirds.
Having already integrated wind and solar power into over half of its global mines, including the innovative Agnew gold mine in Western Australia, Gold Fields plans to introduce 42MW of wind power and 35MW of solar power to the St Ives mine, located approximately 20 kilometres from Kambalda.
Benefits and Impact
This combined renewable energy solution is expected to fulfil 73% of the mine’s energy needs, including its processing plant, leading to a substantial decrease in electricity expenses, reducing costs to a third of the previous projections by 2025. Gold Fields CEO, Mike Fraser, highlighted that investing in renewables not only brings environmental advantages but also delivers cost-effective electricity and enhances energy supply security.
Project Details
Upon completion, this project will stand as the largest within Gold Fields’ portfolio. Construction is scheduled to commence in May, encompassing the establishment of a 33kV renewable energy hub substation and a 132kV transmission line.
