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EDC to invest USD $12.5 m in Mariposa Project in Chile

EDC to invest USD $12.5 m in Mariposa Project in Chile Mariposa Drilling Site, Chile (source: Magma Energy)
Francisco Rojas 14 May 2014

In the previous year, EDC already invested $2.5 m, and it is planned to spend a further $45 between 2015 and 2016.

According to the news source, EDC is continuing their progress in their operations in Chile. These funds are mainly oriented to further the drilling operations and perform other necessary infrastructure operations in the country.

The same source informs that EDC will ramp up investments in the project in the next two years for additional infrastructure and drilling activities. This renewed interest comes after EDC acquired a 70 percent stake in the Mariposa project from Alterra Power Corp of Canada in 2013 in line with the Philippine company’s thrust to establish a beachhead abroad.

This year, the company will spend $12.5 million for roads, drilling pads and the water supply system in the 104,000-hectare geothermal concession.

The amount is on top of the $2.5 million the company has spent since signing up last year to develop the geothermal prospect.

“In 2015 and 2016 we expect to spend another $46 million in drilling three wells and building associated facilities like camps, etc. These efforts support EDC’s goal of having the Mariposa project become one of the pioneering geothermal plants in Chile,” he added.

Although EDC is the world’s largest integrated geothermal energy company with its portfolio of steam fields and power plants, the company’s operations are solely based in the Philippines.

 

Source: Interaksyon Website