News

Magma Energy’s 50MW Mariposa project on track in Chile

Magma Energy Drill site MP-02, Mariposa/ Chile (source: Magma Energy)
Alexander Richter 23 Aug 2010

Magma Energy Corp. is on track on its 50 MWMariposa geothermal project in Chile and expects it to be operational in 2014, with additional 50MW planned at a later stage.

The other day we reported on the developments in Chile and Enel’s plans to start Chile’s first geothermal power plant as early as 2014. So it was interesting to read a piece by Bloomberg about another company with a similar time line as Enel.

According to Bloomberg, Canadian Magma Energy Corp.  is at a similar stage in developing its Mariposa project and intends to invest about US$230m to develop it. The company’s Mariposa project site straddles both the Maule and Pellado sites.  According to Alison Thompson, VP for Corporate Relations says that the company “currently has a 50 MW exploitation permit for the Maule side of the Mariposa reservoir.  We intend to have the first 50 MW up and running in 2014 and are targeting an additional 50 MW in 2015, although we have not yet applied for the exploitation permit.

The Mariposa reservoir has an Inferred Resource estimate of 320 MW as reported by the Canadian Geothermal Reporting Code (SKM).

This project is a core holding of ours and is considered an Advanced Stage project. We are in the process of completing a slim hole drilling program there ($15 million) and to date have drilled 3 slim wells and have built an extensive road and camp system there.  The road and camp system allow us to have year round activity at the site, given its mountainous terrain.

Mariposa is an important part of Magma’s growth plan and is considered our marquee project in South America.”

Source: Bloomberg