News

Earth Heat Resources appoints key management for Copahue project, Argentina

Copahue project, overview sheet (source: Earth Heat Resources)
Alexander Richter 17 Feb 2011

Australian Earth Heat Resources announces appointment of key senior management and operation personnel for its Copahue geothermal project in Argentina.

In a release by the company, Australian Earth Heat Resources (ASX: EHR) announces it “has appointed a number of key senior management and operational personnel based in Argentina, focused on accelerating the development its Copahue geothermal project.

Juan Carlos Grosso has been appointed regional manager, whilst Dr Daniel Greco has become project development manager, and Ubaldo Cosentino is now regional finance manager.

The appointments will assist in accelerating the company’s transition through development and into production for the most advanced geothermal power project in Argentina.

Juan Carlos Grosso, a resource lawyer, has over 20 years experience in the resources sector in senior advisory positions having previously represented numerous Canadian resource companies in Latin America.

Dr Daniel Greco has more than 30 years’ experience in the energy sector as an electromechanical engineer. In addition to his technical skills Greco has a track record in management of energy requirements and negotiation of power purchase agreements for large scale energy market consumers.

Ubaldo Cosentino has broad experience in the Latin America Financial and Capital Markets, having worked extensively with international Institutional and Investment Banks such as Citibank, where he was part of the senior management.

An initial project involving the development of 30 mega watts (MW) of production within 3 – 4 years is underway at Copahue following agreement with the provincial and Argentian Government.

The government of Argentina said that it would purchase power at US$100-120 per MWh to support alternate energy sources. Earth Heat can earn up to 82.5% of the project under an agreement with Canadian based Geothermal One.”

Source: ProActive Investors