Hot Rock also is looking at the Achumani project, but this without involvement of EDC.
The company is now planning to invest $10 million for each project. When the company completes chemical studies at the Achumani project, Hot Rock plans to drill three geothermal wells to a depth of 1,500 meters.
In order to develop the project, the company searches for a partner, that it believes will find it easier to commit as it will have defined the available resources for development of the plant after initial drilling.
Source: Bloomberg
This goes back a while to September last year but I think it is still relevant for today. Not sure where the drill money will come from but hopefully they will have drill insurance. Good longterm thinking that one can only hope works in our favour
HRL Price at posting:
1.5¢ Sentiment: LT Buy Disclosure: Held
