Greenvale moves on geothermal energy interests

Greenvale Mining is taking a major step towards a carbon offset strategy for its Alpha torbanite project with the acquisition of a Queensland geothermal energy company. Greenvale has entered into a conditional agreement to acquire an initial 51 per cent controllinginterest in Toowoomba-based Within Energy, increasing to full ownership as agreed milestones are satisfied. Within Energy has three exploration permits under application to uncover exploitable geothermal sources around Gladstone, Lockyer and Biggenden - covering a total area of about 11,000sq km. Greenvale says the transformational acquisition will provide it with a clear pathway to fast-track thepermitting and development of the Alpha project in Central Queensland. Greenvale has already applied to the Queensland Department of Resources for four geothermal licences (and corresponding mineral rights) as part of an enhanced renewable energy strategy for the Alpha project. The company believes that an economic geothermal power source will provide sufficient carbon credits to offset future torbanite production at Alpha. Greenvale also sees potential to generate additional income streams from power generation and from the sale of surplus Renewable Energy Certificates (RECs) and Australian Carbon Credit Units (ACCUs). “Within Energy has an attractive business model based on the exploitation of shallow geothermal reservoirs that lie close to major population centres in south-east Queensland – an area that is emerging as a future ‘green’ industrial hub," Greenvale Mining managing director Neil Biddle. Greenvale Mining managing director Neil Biddle. “In addition to powering the Alpha Project, we see outstanding potential for these geothermal assets to attract new carbon neutral businesses to the region. “Green energy and the move towards decarbonisation represent an unprecedented growth opportunity in the modern era, and this acquisition puts Greenvale at the forefront of this global transition." Subject to shareholder approval, Greenvale will issue 3 million shares in consideration for acquiring the initial 51 per cent of Within Energy shares. The total consideration for the transaction will be 50 million fully paid ordinary Greenvale shares. As part of the transaction, and subject to shareholder approval, Greenvale Mining proposes to change the company name to Greenvale Energy. The Greenvale board believes that, given the company’s new strategic direction, the Georgina Basin IOCG project no longer fits within its asset profile. It has accepted an offer from international exploration company Astro Resources to take an 80 per cent stake in the Georgina Basin project for 1.15 billion fully paid ordinary shares.

Greenvale moves on geothermal energy interests

Industry Queensland

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