Business
29 October, 2024
Council, Glencore, Green Gravity strike up deal in potential coup for city
A Memorandum of Understanding has been signed that could bring new jobs to Mount Isa.
A collaboration between a renewable energy company, Glencore and Mount Isa City Council is investigating the feasibility of re-purposing the soon-to-be-disused underground mine shafts at Mount Isa Mines to store low-cost energy that could power millions of households and businesses.
Award-winning business Green Gravity has commenced regional studies and mine site concept engineering for the deployment of up to 2 GWh (gigawatt hour) of gravitational energy storage.
The company is working with Glencore to examine the potential of using the copper underground mine shafts, which are scheduled to be shut down next year.
Mount Isa City Council also signed a Memorandum of Understanding (MoU) this week that will assess the potential to add manufacturing jobs to the region to support an energy storage infrastructure rollout, cooperation in the deployment of potential supply chain and manufacturing options for the weights used in the storage technology and evaluation of the current capabilities and skills in the region, including opportunities to retrain and upskill trades.
There will be a particular focus on examining the transferable skill set of those affected by the closure of Mount Isa Copper Operations.
The collaboration will include sharing insights from existing North West energy market analysis, developing a model of the region’s energy dynamics, and identify funding requirements for further studies into power quality and load profiles Mount Isa region.
Gravitational energy storage represents a major economic option for Mount Isa, with the potential to attract more than $1 billion in private capital over the next decade.
The development of renewable energy generation and Long Duration Energy Storage (LDES) assets could create over 350 full-time equivalent jobs during its development phase.
By re-purposing existing mining infrastructure, deploying gravitational energy storage to the region will provide low-cost, firmed green energy, supporting new industrial developments and ultimately contributing to the National Energy Market from the CopperString project.
Mount Isa mayor Peta MacRae said the initiative aligned with the council’s Economic Development Strategy.
“This collaboration not only supports our energy transition goals but also creates new opportunities for local employment and skills development,” she said.
“Council is developing a Future Ready Economy Roadmap to maximise immediate and long-term opportunities to create jobs, attract investment and sustain a thriving community.
“Due for release in early 2025, the roadmap will outline a clear vision and practical actions the region can take to diversify and strengthen the economy, build climate and environmental resilience and improve social wellbeing.”
Green Gravity founder and CEO Mark Swinnerton said Mount Isa was an ideal location for the deployment of gravitational energy storage.
“The region has an abundance of solar energy resource, matched with a long history of deep underground mining leading to a large population of high-quality legacy mineshafts,” he said.
“Our collaborative work with Glencore at the Mount Isa Copper Operations is a great example of how Green Gravity technology has the potential to create new economic pathways as mines approach closure.”