Energy

Chariot to work on setting up a 10 GW green hydrogen development in Mauritania

MoU signing for Project Nour between Chariot CEO Adonis Pouroulis and Mauritanian Minister of Petroleum, Mines & Energy H.E. Abdessalam Oul Mohamed Saleh (27 September 2021). Photo: Chariot

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Earlier today, Chariot signed a memorandum of understanding (MoU) with the Mauritanian Ministry of Petroleum, Mines & Energy to progress Project Nour, a potential green hydrogen development of up to 10 GW.

Under the MoU, Project Nour has been given exclusivity over 14,400km2 of onshore and offshore area where pre-feasibility and feasibility studies will be conducted to generate solar and wind power used in electrolysis to split water and produce green hydrogen and oxygen. This deviates from the traditional splitting method that uses natural gas.

Project Nour has been allocated over 14,400 km2 of onshore and offshore areas. Map: Chariot

“Benefiting from Mauritania’s world class solar and wind resources, Project Nour has the potential to allow Mauritania to produce the cheapest green hydrogen in Africa and to become one of the world’s main producers and exporters of green hydrogen and its derivative products, close to potential large European markets,” Chariot said in a statement today.

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South32 exercises its pre-emptive rights in Mozambique’s leading aluminum smelter

Mining and metals company South32 has announced it is exercising its pre-emptive rights to acquire Mitsubishi’s 25% shareholding in Mozal Aluminium, Mozambique’s largest industrial employer. Mitsubishi currently holds the 25% via MCA Metals Holding GmbH with the rest of the shares owned by South32 (47.1%), the Industrial Development Corporation (IDC) of South Africa (24%) and the Government of Mozambique (3.9%). Depending on whether the IDC also exercises its pre-emptive rights, South32’s shareholding could increase to either 72.1% or 63.7%, giving it’s a majority shareholding in the asset. The $250m transaction represents a strategic move for South32 as it integrates with the alumina it produces from its Worlsey Alumina refinery in Australia.

AVZ Minerals secures Chinese investor for major DRC lithium and tin project

AVZ Minerals has announced this morning the signing of a transaction implementation agreement (TIA) with Suzhou CATH Energy Technologies of China. Under the agreement, CATH will earn a 24% equity interest in the joint-venture set up to develop the Manono Lithium and Tin Project in the Democratic Republic of Congo (DRC). In return, CATH is to contribute $240m in cash towards the development of the project. “Proceeds from the transaction will fund a majority of the total project financing required, whilst AVZ will retain a controlling 51% interest in the Manono Project post-completion of the transaction and its position as lead developer of the Manono Project,” AVZ said in a statement this morning. In addition, the existing Offtake Agreement with Yibin Tianyi will be assigned to CATH and expanded in scope to provide offtake of SC6 for the life of the Manono Project. CATH will also enter into a long-term Primary Lithium Sulphate offtake or tolling agreement in respect of PLS produced from the PLS calcining plant. The Manono project is one of the largest upcoming mining development in the DRC, with a Roche Dure Mineral Resource of 401m tonnes grading 1.65% Li2O, 752ppm Sn, 34ppm Ta is world-class in scale and grade. It is strategically positioned as a clean and sustainable source of lithium for the global EV battery value-chain.