Canada-based mining company Trevali Resources Corp. announced formation of Trevali Renewable Energy Inc. to refurbish and expand the 1.2-MW Tingo hydroelectric project to power Trevali’s Santander silver, lead, and zinc project in Peru.
Trevali Renewable entered an agreement with Peruvian bank Banco Internacional del Peru and corporate law firm Estudio Echecopar to arrange long-term credit facilities of about US$20 million to finance refurbishment of Tingo, expanding it to 8 MW.
The run-of-river hydro project, 17 kilometers from the Santander site, is to be significantly upgraded. That work, plus transmission line upgrades and extensions, will enable Tingo to supply the mining operation and to sell excess power to the Peruvian national grid.
Trevali Resources President Mark Cruise said the Tingo financing agreement will enable the miner to focus on its core business of expanding Santander and moving it to production. The mine previously operated from 1958-1993.