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Fin Resources’ enjoy sunny outlook for Pilbara salt project

5 October 2021
ASX: FIN
Rueben Hale
Fin Resources’ enjoy sunny outlook for Pilbara salt project

Fin Resources is forecasting a sunny future for its North Onslow Solar Salt project after confirming the multi gigawatt potential of the site.  A study has confirmed solar and wind potential at the site significantly above previously planned needs, paving the way for further development and partnerships.

The company estimates the total solar resource at the project site to be 60 gigawatt Fin Resources calls this a substantial figure. Total wind resource is estimated to be 15GW. The company says 37GW is outside the proposed 5.4 million tonnes per annum solar salt field development footprint. This surplus offers Fin Resources the opportunity to harness large amounts of green power for other purposes.

The Perth-based resources company is involved in several projects around Western Australia. The North Onslow Solar Salt Project is located in the state’s Pilbara region.. Fin Resources’ tenure position there comprises 386 square kilometres of granted tenements and 519km2 of tenement applications.

In July, the company confirmed a scoping study was underway at North Onslow to determine the economic viability of developing the site.  Fin Resources confirmation of the renewable energy potential at North Onslow hits all the right notes.

In addition to confirming the solar and wind resource potential that exceeds its planned requirements, the news increases the viability of a large-scale green hydrogen development at the project site.

Fin Resources also confirms a staged partnering strategy with an established renewable energy project developer is underway. The company says it is not attempting to become a large-scale energy producer themselves. 

In further good news for Fin Resources, the scoping study confirmed the potential for a value-added processing strategy and a renewable energy project for green hydrogen.

Fin is eyeing a value-added strategy through a staged large-scale integrated solar project, sulphate of potash, chlor-alkali, and hydrogen project development. The company says the power requirement would be 358 megawatt. They note the chlor-alkali process produces several products, including caustic soda, for which there is a sizable local market currently serviced by imported products.

Meanwhile, Fin Resources is also excited about the viability of a large-scale green hydrogen project at North Onslow. The company sees operational and economic synergies with its other developments at the site. Making a hydrogen project more attractive is its proximity to existing nearby gas transmission and export infrastructure.

The company’s Australian Stock Market listed price is trading at 4.2c today (4:15 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

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