My understanding of it is pumped hydro, so more like a battery than a power station like the Snowies. There will be reservoirs at the top and bottom. During peak demand when prices are high, the water goes down through a turbine and generates power. In low demand periods they use power (from solar, wind, grid?) to pump the water back up to the top. The existing tailings dam could be used for the top reservoir.
The profitability of the venture relies on the difference in power prices between peak demand and peak generation. Competition would be Elon Musk's Tesla battery installation.
Expert Valuation for EGM, page-19
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