Potential energy, U = mgh. So the energy required to raise 1m^3 of sand 1400m is 1600 x 1400 x 9.8 = 22MJ = 6.1kWh
I've no idea how large their mine galleries are, but lets say they're 3m wide x 2m high - in 500m of gallery, we can store 3000m^3 of sand, so that's 18MWh.
I'm sure they've got a lot more space than that, but it just gives some idea of how much sand you're talking about.