Australian energy storage specialist Redflow has advised the country’s beleaguered mining companies to deploy renewable energy with on-site power storage to cut energy costs at remote mine sites. As iron ore and coal prices have halved while metals such as copper and aluminium fell to near six-year lows, miners are increasingly looking for ways to maintain their profitability or even viability.
Redflow is an Australian Stock Exchange-listed company (ASX:RFX) that has developed and commercialised innovative Zinc-Bromide Module (ZBM) flow batteries that can be used everywhere from individual homes to grid-scale storage applications. Redflow CEO Stuart Smith said that embracing renewable energy coupled with energy storage could assist miners to drive down the cost of their energy expenditure. “Despite mining’s current decline, Australia will remain a major supplier of coal, iron ore and metals well into the future,” he said.
“With 40 per cent of global electricity generated by coal, the local coal industry is still a vital part of the Australian economy, so it’s imperative that miners investigate how improved energy management can reduce their operating costs.