Economy - 1 February 2010, 9:53 AM US$75M mining project taps AES Dominicana for power supply
Santo Domingo.- The mining company Envirogold Las Lagunas Limited (EVGLLL) and the energy group AES Dominicana signed a electricity supply contract which privileges the use of clean energy at competitive prices.
The program will be conducted through the combined cycle power plant AES Andres, whose capacity is 319 megawatts using natural gas.
The agreement to last seven years and six months was signed by AES Dominicana vice president for Marketing Rodolfo Cabello, and EVGLLL president Brian Johnson. It stipulates that AES Andres will provide 100% of EVGLLL?s consumption, since the mining company requires constant and stable energy.
?We are very satisfied for doing businesses with companies such as EVGLLL with which we share a long term vision," Cabello said.
The power group?s executive stressed that among AES Dominicana?s objectives is "to be a reliable energy services supplier so that projects such as this one can be adequately developed and reap the benefits which new investments of this nature entail."
In that regard Johnson said the power supply for the project, to be carried out at a cost of US$75 million, ?was one of the major challenges we faced for its viability and for that reason we chose AES Dominicana as our ally in the most important contracts needed to materialize this project."
EVG Price at posting:
7.7¢ Sentiment: Buy Disclosure: Held
