Some GREAT news with c.TTX neighbour AVZ Minerals: Why is the AVZ Minerals share price racing higher?
The AVZ Minerals share price jumped higher today following the release of an announcement in relation to its Manono Project in the Democratic Republic of Congo.
According to the release, the company has completed a comprehensive independent greenhouse gas (GHG) assessment for the life of mine of its Manono Lithium and Tin Project.
The release explains that the GHG assessment, which was completed by leading global environmental and sustainability consultants, Environmental Resource Management (ERM), evaluated the estimated scope 11 and scope 22 emissions associated with all operations over the 20-year life of the Manono mine. This includes processing facilities and road transportation of the products.
Management notes that ERM’s findings show that the Manono Project could have one of the lowest carbon footprints of any global hard rock lithium miner.
This is primarily due to AVZ Minerals’ strategic location adjacent to the Mpiana Mwanga Hydro Electric Power Plant (HEPP). Once HEPP is refurbished, the company expects it to provide all of the Manono Project’s electricity requirements
AVZ’s Managing Director, Mr Nigel Ferguson, commented: “We will continue to strive towards improving our greenhouse gas emissions profile as we develop the world-class Manono Project. Ultimately, we want to see the electricity generated from the Mpiana Mwanga Hydro Electric Power Plant used to operate all our mining equipment, making the Manono Project a 100% ‘green’ mine.”
“Any surplus power may be provided into the national grid for use in the town of Manono. This will be a significant achievement for AVZ and everyone associated with the Manono Project, including our shareholders and our financiers,” he added.
AVZ Minerals isn’t the only lithium miner which aspirations of this kind. Vulcan Energy Resources Ltd (ASX: VUL) refers to itself as the first Zero Carbon Lithium producer.
The company is aiming to supply the lithium-ion battery and electric vehicle market in Europe, which is the fastest growing in the world. It believes its resource can satisfy Europe’s needs for the electric vehicle transition, from a zero-carbon source, for many years to come.