January 07, 2022: Fujairah Gold FZC, a key subsidiary of Vedanta Resources and a leading producer of copper rods, silver and gold is all set to make an ambitious foray into clean energy. The UAE-based company, led by Chairman and Managing Director, Agnivesh Agarwal, is exploring opportunities in clean energy in line with parent Vedanta Group’s mission to achieve Net Zero by 2050 or sooner.
A first of its kind initiative in Fujairah industrial hub, Fujairah Gold has started installing solar based power system to run the plant’s operations. The solar based power generation will be operational by May 2022, as part of its plans for 100% solar power-based operations.
In another key initiative towards transitioning to clean energy, Fujairah Gold has started using Piped Natural Gas (PNG) in its operations to reduce Green House Gas emissions.
Speaking on the development, Mr. Agnivesh Agarwal, Chairman and Managing Director, Fujairah Gold said, “Fujairah Gold is driving Vedanta’s mission of ‘Transforming for Good’. Our recent endeavors to reduce overall carbon footprint will deliver sustainable value to all the stakeholders. Our aim is to leverage the latest technology and the best sustainable practices to put Fujairah on the world map.”
Fujairah Gold is set to become the only plant in GCC to set up a recovery facility for Platinum & Palladium in Fujairah. Famously known as ‘white gold,’ platinum is highly valued and desired due to its diverse range of properties, with the metal being tarnish-resistant, soft and malleable. Like platinum, palladium is extensively used in the electronics industry and in upcoming green technologies like fuel cells.
Besides leading Fujairah Gold’s transition towards clean energy, Mr Agnivesh Agarwal is working on a comprehensive strategy to harness green hydrogen for plant and mining operations. Energy experts believe that clean energy sources like hydrogen technology would be at core of global efforts to move towards carbon neutrality. Hydrogen has the potential to de-carbonize the future and will play a pivotal role in the green economy of the UAE, as identified by the Dubai Future Foundation.
These new initiatives are being driven by Mr. Agnivesh Agarwal who is also the Director and Chairperson of TSPL since 2019. Mr. Agarwal has more than a decade of rich experience in the natural resources sector and an astute knowledge of business operations and in-depth experience of managing large projects. Mr. Agarwal is known for his futuristic and humanitarian vision.
Fujairah Gold is a key subsidiary of Vedanta Resources, operates a precious metal refinery and a continuous cast copper rod plant which is strategically located at Fujairah Free Zone II. The company, which started its operations in 2008, is now one of the fastest growing industries in the United Arab Emirates with a manufacturing capacity of 100, 000 Mt per annum for copper rod, 50,000 Kg per annum for gold and 110,000 Kg per annum for silver.