Oz Minerals is considering renewable energy options for its current and future assets, in a bid to combat ongoing pressure from soaring electricity prices.
The copper miner on Friday said it also plans to secure affordable power, and increase measures to prevent blackouts at its current South Australian assets by building a new high voltage power transmission line to ensure its assets remain connected to the electricity grid.
Agreements to enable the development and operation of the line are currently being progressed with industry participants and the state government, Oz Minerals said.
Chief executive Andrew Cole said the new transmission line, due to be completed in 2020, will allow other users to draw power or input generation, which will improve the economics for other developments in the region and reduce Oz Minerals' operating costs.
Cost saving initiatives are already underway at its Prominent Hill and Carrapateena operations in South Australia, and the company is also considering renewable energy options including a solar plant with battery storage.
Oz Minerals said it has received conditional approval for a grant from the South Australian government to install a solar plant and storage capabilities at Prominent Hill, which is anticipated to reduce grid energy requirements.
"The grant is valued at up to $2.5 million, and Oz Minerals is currently looking at optimising project plans," Oz Minerals said in a statement on Friday.
"Oz Minerals is also working with a number of potential energy developers to explore and innovate new, additional renewable options across Oz Minerals' assets."
