Group 6 Metals (ASX:G6M) granted $2M for upgrading power supply

Group 6 Metals (ASX:G6M) has announced that the Tasmanian State Government has granted the company $2M to provide a grid connection and upgrade the existing power supply to their 100%-owned Dolphin Tungsten Mine.

The company has decided to redirect the unspent funds towards implementing a dedicated interim diesel power station on-site and completing a feasibility study into integrating renewable energy.

Group 6 Metals is targeting replacing more than 50% of the diesel generation capacity with renewable power over the next 3 years, which will result in lower emissions and costs, and are currently discussing partnering with a global renewable energy participant to achieve it.

Shares of Group 6 Metals closed up 6.06% today.