Mining Weekly reported yesterday that Steve Letwin, president and CEO of IAMGOLD Corp. (TSX:IMG,NYSE:IAG), hopes to see 15 percent of his company’s power generated by renewables in the next five years.
There has to be more emphasis by the mining industry on the use of renewables. Because of the remote locations of mines, in many respects, using renewables is a superior solution as access to power grids or hydrocarbon fuels can be difficult and expensive to achieve. Developing larger solar farms makes sense where mines are already tied into the grid, as excess solar power can be fed into the grid during the day and drawn back again during the night. The renewables industry has to help mines understand the technology that’s available and then create alternatives that can be positively compared to hydrocarbon use.