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(Kitco News) – NextSource Materials (TSX: NEXT) today announced that it has awarded a power supply contract to independent power producer CrossBoundary Energy (“CBE”) for the long-term supply of solar and thermal generation to supply the operations of its Molo graphite mine in Madagascar.
The company said the contract is for 20 years and was designed to accommodate production from the Molo mine, where the supply of electricity will increase based on any future capacity requirements from expansion.
The company added that a subsidiary of CBE in Madagascar is developing the project and will build, own and operate the Molo hybrid power plant at no capital cost to NextSource.
It will be located next to the Molo mine site and is expected to be operational at the same time as the Molo mine is expected to come on stream in the second quarter of 2022. NextSource said it will initially be able to source up to one third of the Molo mine. total electricity needs from renewable solar energy, with a view to increasing the percentage of renewable energy to a majority.
“This respects our commitment to reduce emissions and move towards more sustainable operations. Deploying clean, renewable and sustainable energy sources to reduce emissions is a cornerstone of our operational strategy and will reduce our expected energy costs over the life of our project, ”the company said in a statement.
NextSource Materials is a strategic materials development company based in Toronto, Canada, which intends to become a fully integrated global supplier of critical batteries and technological materials needed to power the sustainable energy revolution.
The company said its Molo graphite project in Madagascar is one of the largest known and highest-quality graphite deposits in the world, and the only one with SuperFlake® graphite. Construction of phase 1 of the Molo project is underway and commissioning is scheduled for the second quarter of 2022.
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