Geodynamics with approval for exploration at Takara project, Vanuatu
Geodynamics Limited is pleased to announce the receipt of environmental approvals for the exploration phase of the Takara Geothermal Power Project.
Following the submission of the Environmental and Social Impact Assessment in September last year, the Acting Director of the Department of Environmental Protection and Conservation this week approved Geodynamics application for the drilling of two geothermal exploration wells at Takara, on the condition that the Environmental Management and Monitoring Plan is implemented and complied with. The approval grants the Project all required environmental permissions to conduct the activities necessary for an exploration drilling campaign.
The approval by the Department is an important step in advancing the Project. The receipt of this approval is confirmation of the low environmental impact of the geothermal activities and the positive benefits that geothermal power development can have for Vanuatu. The use of geothermal power replacing imported diesel generation will improve energy security, reduce imports, increase energy self sufficiency, reduce emissions, reduce life cycle cost and provide long term stability in pricing.
Geodynamics is continuing its engagement with all the key stakeholders as we seek to progress the Project in particular progressing discussions with the Ni Vanuatu Government and multilateral development agencies regarding formation of Public Private Partnership to develop the Project and progressing arrangements with regard to electricity off-take necessary to underpin the next investment stages.
Engagement with the local community at Takara continues with separate Land Access and Use Agreements with customary land owners to be finalised prior to commencing any further on ground activities.
For further information, please check our website (www.geodynamics.com.au) or contact Mr Geoff Ward on + 61 7 3721 7500. Media and investor inquiries may also be directed to Friederike Graser, on +61 7 3721 7588
Source: Press Release by Geodynamics