Montem Resources Enters Framework Agreement with the Piikani Nation
Agreement aims to build a long-term and mutually beneficial relationship between the two partners
CALGARY, AB, July 27, 2022 /CNW/ - Montem Resources (ASX: MR1) (Montem), Alberta's leading renewable energy and steelmaking coal development company, is pleased to announce it has entered into a framework agreement with the Piikani Nation (Piikani). The Agreement aims to build a long-term cooperative and mutually beneficial relationship between Montem and Piikani, focusing on Montem's proposed Tent Mountain Renewable Energy Complex (TM-REX).
Tent Mountain is located within the traditional territory of the Piikani, and the Agreement acknowledges Piikani holds certain Aboriginal and Treaty rights over the project area. The Agreement reflects Piikani's interest in the TM-REX, which aims to create jobs and economic development opportunities for Piikani within their traditional territory. The Agreement focuses on the pumped hydro energy storage (PHES) element of the TM-REX, creating a framework for co-operation in relation to review of the development concept of the PHES.
"The signing of an Agreement with the Piikani Nation is a major milestone for Montem," said Peter Doyle, CEO. "We are excited by the opportunity to develop a meaningful partnership with the Nation that will deliver mutual benefits. Piikani will add value to our developments within the Piikani Traditional Territory. For Montem it represents our first significant agreement with an Indigenous group, and we couldn't be more pleased than to have an agreement with the Piikani Nation."
The Agreement was finalized at the annual Blackfoot Confederacy Calgary Stampede BBQ, with Peter Doyle and Corbin Provost, COO, Piikani Nation, signing the agreement. The Honourable Rick Wilson, Minister of Indigenous Relations, Government of Alberta and the Honourable Whitney Issik, Minister of Environment and Parks, Government of Alberta, witnessed the signing of the Agreement.
Montem is investigating converting the historical Tent Mountain Coal Mine into a renewable energy complex. The TM-REX represents a transformational clean energy project that aims to create partnership opportunities with the Piikani Nation, whose community is located near the project.
The planned TM-REX development includes three primary elements; a 320 MW / 2,560 MWh PHES, 100 MW green hydrogen electrolyser and a 100 MW offsite wind farm. The outstanding clean energy project is expected to create more than 400 high-quality jobs in the region.
To learn more about the TM-REX, visit tentmountain-rex.com.
Montem Resources (ASX: MR1) is a steelmaking coal and renewable energy development company that owns and leases coal tenements and freehold land in the Canadian provinces of Alberta and British Columbia. The Company's objective is to advance its steelmaking coal projects and renewable energy complex in the Crowsnest Pass, Alberta. The Company has planned an integrated mining complex in the Crowsnest Pass, focusing on the low-cost development of open-cut operations that leverage central infrastructure. This is centered around the Tent Mountain Mine Redevelopment Project, and the Chinook Vicary Project.
In 2020, Montem completed a Definitive Feasibility Study on the Tent Mountain Mine and since then has continued to advance through the regulatory process to re-start the mine. In 2021, the project was designated for Federal review by the Impact Assessment Agency of Canada, and the Company continues to seek approval to re-start the mine. In light of delays to the mine re-start, Montem identified alternate development pathways for Tent Mountain, including transitioning the project to a renewable energy complex, employing an onsite pump hydro energy storage facility, an offsite wind power facility, and the onsite production of green hydrogen. The Company is progressing studies to support development of the TM-REX, including the pre-feasibility study set out in this announcement.
SOURCE Montem Resources
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