Elixir Energy’s Neil Young updates Proactive on activity at the company’s wholly-owned Nomgon IX coal bed methane (CBM) Production Sharing Contract in Mongolia. The energy stock recently finished drilling the Bulag-Suuj-1S exploration well and is now spudding the Venetian-1S exploration well as part of an exploration and appraisal program. Moving ahead, the company’s extended pilot production program is advancing in parallel to exploration and appraisal drilling. Young says as Elixir moves into the middle of the Mongolia summer, the company’s operations efforts are moving into top gear.
Tlou Energy’s Tony Gilby and Colm Cloonan report from Botswana where they say, in the field, they’ve spent a lot of time assessing operations, in particular the flowing gas wells, connection to the grid and producing first revenue. Gilby says the Lesedi-3 well has started out very strongly while Lesedi-4 is also making great progress.
enCore Energy Corp executive chairman William M Sheriff joined Proactive’s Stephen Gunnion with details of the sale of its Cebolleta Uranium Project in New Mexico to Future Fuel Corporation.Sheriff telling Proactive that the move is a major step towards reaching enCore’s goal of becoming the next producer of American uranium.The sale resulted in enCore holding approximately 15.90% of Future Fuels and a US$250,000 boost to its balance sheet, which he said will help bring enCore’s Rosita Central Uranium Processing Plant back into production.
Brookside Energy’s David Prentiss updates Proactive about the momentum it currently has at Flame’s Well, where Contractor Producers Service Corp (PSC) will start moving in equipment. The managing director explains why the completion of its HBP program in the SWISH Area of Interest (AOI) in the world-class Anadarko Basin of Oklahoma is a significant milestone. Operations are expected to be completed in the first week of June, with completion of the Flames Well and the establishment of oil and gas sales from this DSU continuing the significant operational momentum in a high oil price environment.
Tietto Minerals’ Mark Strizek speaks with Proactive about the pleasing nature of the high-grade gold intercepts found in the second batch of assay results from ongoing infill drilling at AG South, within Tietto’s 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa. Strizek explains how the “company is drilling and building” and how it is converting the Indicated into a Measured resource. A highlight from the latest drilling was the 55.13 g/t gold in one intersection. Tietto has six diamond drill rigs on site and has ordered two more to help hit its targets. Finally, the Tietto executive director updates the Life of Mine schedule and what to expect next from the company.
CleanSpark Inc Executive Chairman Matthew Shultz tells Proactive said it has finalized $35 million in non-dilutive financing from Trinity Capital Inc, a provider of venture debt financing.The company said the three-year equipment financing agreement is backed by 3,336 new S19j Pro miners and carries an annual interest rate of 9.9%.CleanSpark said it intends to use the proceeds from the facility for growth capital expenditures. Currently, the company has a fleet of over 23,000 latest-generation bitcoin mining machines in operation, with approximately 12,000 machines pending delivery and deployment in batches through October 2022.What’s more, it has announced that it is now a partner of Sustainable Bitcoin Standard (SBS), an organization that incentivizes clean bitcoin mining.
This ‘Earth Day’ the spotlight is on the ROI of investing in the Earth. However, the investment is a considerable amount of money. 131 trillion dollars by 2050, according to International Renewable Energy Agency (IRENA). This will be majorly spent on clean energy with emphasis on scaling up hydrogen production, expanding renewable power capacity to more than 10-fold, accompanied by a 30-fold increase in the electrification of transport. But for all of this to happen, industries and governments must get on board. For years, we’ve been carefully sorting our recyclables and inventing new ways of harnessing energy through renewables, while atmospheric carbon levels continue to rise. Individual action is necessary to stop climate change but there is a limit to its impacts. Governments and businesses need to scale this up further but unfortunately, they resist sustainability. Here are a few reasons why? Election cycles make long-term planning difficult, global political thinking is shifting to the right, economic uncertainty, and most recently, the COVID pandemic. There is a common thread linking all these reasons. We focus more on what we have to lose than on what we might gain. So, if on one side 37,000 jobs will disappear with the American coal industry, then at the same time solar power is also employing 250,000 workers and is growing 5 times faster than the overall job growth rate. In the U.S. A worldwide commitment to sustainability could revolutionize the global economy just as the space race spurred the rapid transition from an analog to a digital world in the 20th century, and industrialization introduced the modern era in the 19th. Investments in climate action would go far to build a sustainable economy. According to October 2019 data from the World Bank, the world will need to make significant investments in infrastructure over the next 15 years –around US$90 trillion by 2030. But it can recoup those investments. Transitioning to a green economy, it found, can unlock new economic opportunities and jobs. An investment of US$1, on average, yields US$4 in benefits. And the New Climate Economy Report, issued in 2018, found that bold climate action could yield a direct economic gain of US$26 trillion through 2030 compared with business-as-usual. The 1st step in the investment process is phasing out of fossil fuels. Already, coal mines are being closed as the price of coal becomes increasingly more expensive compared with renewable energy sources. Replacing the costliest coal with solar and wind would cut annual costs by up to US$23 billion per year and yield a stimulus worth US$940 billion, or around 1 percent of global gross domestic product. The Global Commission on Adaptation estimated that investing US$1.8 trillion from 2020 to 2030 could generate US$7.1 trillion in total net benefits in 5 areas:Early warning systemsClimate-resilient infrastructureImproved dryland agriculture crop productionGlobal mangrove protectionMore resilient water resources. However, finance for adaptation continues to make up only a small percentage of climate finance overall, about 20 percent. The Climate Policy Initiative noted in its 2019 Climate Finance Landscape report that the vast majority of the finance that is tracked continues to flow toward activities for mitigation.Down to Earth is Science and Environment fortnightly published by the Society for Environmental Communication, New Delhi. We publish news and analysis on issues that deal with sustainable development, which we scan through the eyes of science and environment.
FTSE 100 opened lower than expected as a raft of ex-dividends outweighed bumper numbers from electric vehicle maker Tesla. The blue chip index was down 3 at 7,626 in the early trades.Tesla posted another record quarter for profits, beating market expectations despite ongoing supply chain issues. Shares jumped 4% in after-hours trading as boss Elon Musk said deliveries this year should rise by 60%.One of Netflix’s largest shareholders, Bill Ackman, has sold his stake in the company, adding to the uncertainty surrounding the streaming service. It is estimated his hedge fund has lost over US$400mln as a result.THG, better known as The Hut Group, said it has received indicative bid proposals from a number of potential suitors in recent weeks, but deemed them “unacceptable” for failing to reflect the “fair value” of the online retail platform. Revenue growth in its first quarter slowed to 17.2% year-on-year.Gear4music warned revenues and earnings will be less than expected as rising inflation and weaker demand hit adding the first half of 2023 “may be more challenging”. The largest UK-based online retailer of musical instruments and music equipment said underlying profits in the year just ended will be below consensus.Base Resources, the mineral sands miner, reported record revenue for the March quarter as strong demand supported further price increases for all of its products. Sales revenue jumped to $740 per tonne from $478 in the year-earlier quarter.Neuroimaging pioneer Ixico has won a contract with an unnamed biotech worth around £800,000 to provide its expertise in assessing the progression of Huntington’s Disease. Specifically, it will support a global observational study to assess participants for early detection using its artificial intelligence-led data analytics.
Kinetiko Energy’s Adam Sierakowski tells Proactive about a strategic investment from South African energy group Phefo Power. The energy stock is also chasing $3.1 million via a rights issue to accelerate oil and gas exploration across energy-hungry South Africa. The raise comes after Kinetiko executed agreements with South Africa’s Industrial Development Corporation to co-develop a gas production field, expected to comprise up to 20 wells.
The third installment of the 6th assessment report of the IPCC was released on April 4th. It focuses on widening the window of opportunity by suggesting mitigatory solutions to combat the climate crisis. The world is planning too many coal-based plants to be able to meet the 1.5 degree celsius temperature targets. The third installment of the IPCC report has made it clear that while we cannot rule out technologies such as carbon capture and storage, the only effective way to meet the 1.5 degree target is to phase out fossil fuels and make the economy dependent on renewable energy. The report says that all coal-based plants without implementing carbon capture technologies(CCS) will have to be shuttered by 2050. Apart from having 10% of the world’s capacity of coal plants(*211GW), another **31GW are being constructed and 24 are in pre-construction phases in India. None of these have carbon capture technologies. However, according to the report since generating electricity from new wind and solar plants is a lot cheaper, adding CCS technologies to new coal plants will not only increase cost of electricity but also water consumption by 150%. Some carbon removal technologies like BECCS (bioenergy, carbon capture and storage) can potentially impact surrounding biodiversity, ecosystems and food security unless done at a limited scale. The report offers a plethora of mitigatory solutions like solar energy, wind energy, electrification of urban systems, urban green infrastructure, energy efficiency, improved forest — and crop / grassland management and reduced food waste and loss which is increasingly becoming cost effective. Private producers in India like Tata and JSW have set targets to expand their renewable energy portfolios significantly in the next five years. Government run organizations like Power Finance Corporation(PFC) and the Rural Electrification Corporation(REC) are the sole financiers of coal plants in India now. This could be seen as a ray of hope because since 2010 the cost of low emission technologies like solar, wind and lithium ion batteries has fallen by 85%, 55% and 85% respectively. Solar power’s usage has increased by 10 times while EV usage has increased 100 times. But, the next few years are going to be crucial because the world will have to reduce annual Co2 emissions by 48% by 2030 to reach net zero emissions by 2050. Methane emissions will have to be reduced by 1/3rd by 2030 and halved by 2050. The IPCC report says that we have both the knowledge and technology to accomplish these goals. *Central Electricity Authority**Global energy monitor data
Kinetiko Energy Ltd’s Adam Sierakowski speaks to Proactive about how the Industrial Development Corporation of South Africa (IDC) is partnering with Kinetiko’s subsidiary, Afro Energy, on a 20-well program to create gas resources to help power South Africa. Kinetiko has already obtained approvals to drill 10 of up to 20 wells in a gas field adjacent to the company’s existing Amersfoort wells.
Gevo Inc Patrick Gruber tells Proactive it has signed a “take-or-pay” agreement with Delta Air Lines Inc to supply 75 million gallons of sustainable aviation fuel (SAF) per year for seven years.Based on current assumptions, including those around future pricing of commodities and the future values of certain environmental benefits, Gevo said it estimates that the agreement should generate about $2.8 billion of revenue, inclusive of the value from environmental benefits.