Panax Geothermal (ASX: PAX) has appointed director Stephen Evans as its new chairman replacing Greg Martyr who retired at the end of its Annual General Meeting Yesterday.
Evans is the managing director of Adelaide based accounting firm RJC Evans & Co and has more than 25 years experience in advising small, medium and large corporations in relation to tax, accounting, financial and business matters.
Panax also thanked Martyr for his contributions to the company since its formation and listing on the ASX in 2007.
The company is focused on finalising negotiations relating to the financing of its advanced portfolio of near-term geothermal development opportunities in Indonesia.
Panax and its local partner PT Bakrie Power, are poised to execute Power Purchase Agreements for the Sokoria and Dairi Prime geothermal projects in Flores and North Sumatra, both of which have planned initial electricity generation capacity of 30 megawatts each.
Finalisation of these power agreements will allow Panax to finalise project financing for the two projects.
Electricity production at Dairi Prima is scheduled to start by late 2013, coinciding with the expected start of lead and zinc production from PT Dairi Prima Minerals’ Dairi Prima lead/zinc underground mine in North Sumatra.
Electricity produced at Sokoria will be sold to PLN.
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