A key facet of Blox Inc's mandate is to implement clean energy into the mining process – to effectively 'green' the mining process and minimize its environmental impact via lower hydrocarbon emissions. This mandate extends to widening access to clean energy in developing regions to not only reduce dependence on fossil fuels but also to supply reliable power to areas currently devoid of electricity altogether.
Due to Blox Inc's focus on West Africa we have identified a number of potential venture opportunities in the Economic Community of West African States (ECOWAS) region in addition to our mining exploration activities. One of these opportunities exists in the energy industry, more specifically the area of renewable energy.
Key advantages of operating in West Africa:
- Unparalleled growth potential across all facets of the economy.
- West Africa is the fourth most populous "state" after China, India and the United States.
- With a population of 340-million, West Africa represents 29.4% of Africa's total population.
- The combined states that form West Africa have a total GDP of US$675bn - making them part of the 21st richest region on the planet.
- Regional GDP is set to grow by 7.1% next year.
- With huge reserves of natural resources, opportunities to establish alternate power generation and a hunger for the latest technology, West Africa is a prime target for investment with a bright future of potentially high returns.
Energy supply to bulk consumers represents a significant cash flow to power generators and wholesale suppliers around the globe and Blox Inc has identified significant potential for the expansion of energy production in West Africa. To this end, Blox Energy was established as a wholly owned subsidiary of Blox Inc to allow the company to operate in this arena.
Some key points regarding the energy market in West Africa are:
- The ECOWAS region has enormous energy resources but only a small percentage of them are utilized.
- The rate of access to electricity is the lowest in the world and prices are high in real terms.
- Bulk power consumers in mining and industry face intermittent electricity supply which adversely effects production and profitability.
Blox Energy is currently targeting this shortfall between energy supply and demand in ECOWAS. We have experts on the ground in West Africa working with both energy providers and bulk consumers to identify potential areas where new, clean energy technology could be employed to satisfy excess demand for power without significant levels of harmful emissions and at a competitive cost.
The energy problems faced in ECOWAS present Blox Energy with new opportunities and the solutions we offer and ultimately put into operation may create potential income for the company.
Our approach is to identify, quantify and understand the energy market in ECOWAS and this process is already underway.
We intend to fund Blox Energy by:
- Allocating part of our future mining income streams to developing Smart Energy solutions for the ECOWAS region.
- Partnering with suitable international and domestic companies and organizations to implement and commission new Smart Power generation sites.
- Combining our own investment with North American investment to fund these projects and establish potential royalty income from Smart Energy supply in ECOWAS.