"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."
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