FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Fin Resources find world-class potential for Pilbara project

28 September 2021
ASX: FIN
Rueben Hale

Fin Resources has established the world-class energy potential of its 100 per cent renewable-powered North Onslow Solar Salt project, following confirmation of the multi-gigawatt potential across its tenements located in Western Australia’s sunny but windy West Pilbara region.

A leading independent renewable energy consultant has confirmed the multi gigawatt potential, significantly over the requirement proposed for the company’s green products strategy, across the company’s 905 square kilometres strategic tenure position.

The exciting second stage opportunity has been identified to expand the renewable energy generation capacity beyond 200 or 358 megawatts. It follows the company’s recent confirmation of nearby Coolgra Point as the most favourable location for a scalable, multi-commodity transhipment berthing facility for export.

The total solar resource is estimated to be substantial at 60 GW, with the total wind resource estimated at 15 GW. Of this, 29 GW and 8 GW, respectively, sit outside the proposed development footprint of 5.4 million tonnes per annum solar salt field and could be utilised to generate considerable surplus green power for other uses.

This renewable energy potential has been estimated based on the independent consultant’s assessment of the solar resource to be between 2,344 and 2,362 kilowatt-hour squared per year and the wind resource to be between 6.2 and 6.8 meters per second across the project area using capacity factors derived from HOMER Pro and Wind Pro modelling software.

The wind resource could be optimised by micrositing turbine locations at higher elevation areas that are known to exist within the project area, resulting in higher wind speeds than used in the initial assessment.

Fin’s timely project is unfolding as the world moves towards environmentally sustainable production with growing recognition of Australia’s uniquely favourable position to supply premium quality green products powered by renewable energy sources.

The company plans to leverage in-demand caustic soda, hydrogen, and chlorine production due to regionally abundant sun and wind over a 1,200 square kilometre tenement position. Significantly, production can occur under the existing mining legislation into a high-value domestic market that would benefit from the substantial carbon credits created.

The first stage is conceived as a solar salt processing operation, which will facilitate multiple green products via a chlor-alkali plant powered by renewable energy, creating green caustic soda as its primary output.

Caustic soda has a large domestic market in Western Australia due to the State’s four large alumina refineries. Green caustic would significantly reduce carbon emissions, as overseas production mainly relies on coal-fired power stations. Local production would also bolster Australia’s manufacturing capability.

Fin is advancing a partnering strategy with an established renewable energy project developer.

The company’s Australian Stock Exchange-listed shares open today at 4.4c (8:56 am GMT+ 8 hours).

COMPANY OVERVIEW

Fin Resources Limited is an Australian based resources company listed on the Australian Securities Exchange (ASX:FIN), formerly known as Orca Energy Limited. Fin Resources has put together an experienced board of directors with a well balanced mix of technical, corporate and administrative capacity. Collectively, the board boasts a strong history of project acquisition, development and management and extensive experience in capital raising both in Australia and internationally.

COMPANY INFORMATION

ASX: FIN

Website

https://www.finresources.com.au/
https://www2.asx.com.au/markets/company/fin

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!