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Evolution Mining is moving forward on a AUD 7 billion ($4.64 billion) plan to build a 2 GW/20 GWh pumped hydro electricity generation facility in the pit of a 20-year-old gold mine in Australia.
Secret documents show Origin was desperate to offload its Eraring power plant because it was having trouble attracting capital amid the investor flight from fossil fuels.
Advisors believed the company was “socially responsible” and would not shut the plant down in 2025 if the market needed the supply. They were wrong.