Panax to develop geothermal projects with Bakrie Power Panax Geothermal Ltd., an Australian project developer, agreed with Bakrie Power to establish geothermal plants in Indonesia. The joint venture accord replaces a memorandum of understanding between the two companies signed in June 2010, Panax said in a statement on Aug. 16. Bakrie Power is
a subsidiary of Bakrie & Brothers. The agreement covers geothermal project areas that have already been awarded to Bakrie and areas for which Bakrie has already bid in Indonesia. It also includes geothermal areas that the two
companies will jointly identify as suitable for geothermal development, Panax said. The companies will initially develop the 30MW Sokoria Project located on Flores Island. Panax will have a 45% stake. Bakrie won a tender in
September 2009 to develop the Sokoria geothermal field at an electricity tariff of US$12.5cents per kWh. Panax and Bakrie will also supply 25MW of baseload geothermal power from existing geothermal resources to Dairi
Prima Minerals’ planned underground zinc and lead mine in northern Sumatra. Panax will hold a 51% stake in this project. Dairi Prima Minerals, a subsidiary of Bumi Resources, will buy electricity at US$15cents per kWh for the first 8 years, starting from late 2012, and US$12.5cents per kWh subsequently. – Bloomberg
a subsidiary of Bakrie & Brothers. The agreement covers geothermal project areas that have already been awarded to Bakrie and areas for which Bakrie has already bid in Indonesia. It also includes geothermal areas that the two
companies will jointly identify as suitable for geothermal development, Panax said. The companies will initially develop the 30MW Sokoria Project located on Flores Island. Panax will have a 45% stake. Bakrie won a tender in
September 2009 to develop the Sokoria geothermal field at an electricity tariff of US$12.5cents per kWh. Panax and Bakrie will also supply 25MW of baseload geothermal power from existing geothermal resources to Dairi
Prima Minerals’ planned underground zinc and lead mine in northern Sumatra. Panax will hold a 51% stake in this project. Dairi Prima Minerals, a subsidiary of Bumi Resources, will buy electricity at US$15cents per kWh for the first 8 years, starting from late 2012, and US$12.5cents per kWh subsequently. – Bloomberg
