Panax in Indonesian geothermal joint venture
Posted: 16 August 2010
Panax Geothermal Ltd has completed a 'Binding Terms Sheet Agreement' with PT Bakrie Power regarding a Joint Venture for the
exploration, development and generation of power from geothermal resources across the Republic of Indonesia.
The new agreement replaces the previous 'Memorandum of Understanding' between Panax and Bakrie as announced in June 2010.
The Joint Venture includes:
- Geothermal project areas that have already been awarded to Bakrie
Geothermal areas that Bakrie has already tendered for in Indonesia
Additional geothermal areas that Panax and Bakrie will jointly identify as suitable for geothermal development.
The Joint Venture will initially focus on:
- The development of existing geothermal resources of the Sokoria Project located on the Island of Flores, for the development of a 30 MW geothermal power plant
- The direct supply of about 25 MW of base-load geothermal power from existing geothermal resources to PT Dairi Prima’s planned underground zinc/lead mine in northern Sumatra.
Panax and Bakrie have also completed a 'Binding Terms Sheet Agreement' with PT Dairi Prima Minerals (PTDPM) for the supply of up to 25 MW of geothermal power for PTDPM’s Dairi Prima mine in northern Sumatra.
Posted by Richard Price, Editor, EnergyME.com
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