Daira Prima

Panax secured the Dairi Prima Project in a joint venture with PT Bakrie Power, part of the listed Bakrie Group which is one of Indonesia’s largest companies. The project will supply direct and off-grid power supply for underground mining operations.

Panax and Bakrie have signed an agreement with PT Dairi Prima Minerals to supply up to 25 megawatts of geothermal power for the company’s proposed underground lead and zinc mine in Northern Sumatra.

Power will be supplied at US$150 per megawatt hour for the first eight years and at $US125 for following years. Under the agreement, Panax and Bakrie will also receive 50% of carbon credits and provide additional power to meet the requirements of future mine expansions.

The Dairi Prima Project is in the Sibayak geothermal field which is the most advanced field in the region, with established geothermal reserves and 10 existing production wells. The field is underutilised and discussions are well advanced to jointly develop the spare capacity of the Sibayak geothermal reserves to supply power to the underground mine.

Location Northern Sumatra, Indonesia
Equity 51% - Panax as Operator
Key features
  • 30 megawatt project
  • Most advanced geothermal field in the region with established geothermal reserves and 10 existing production wells
  • Substantial amount of exploration and study works completed
  • Electricity provided to PT Dairi Prima Minerals for its proposed lead and zinc mine
  • US$150 per megawatt hour for 8 years and US$125 per megawatt hour thereafter, plus 50% of carbon credits

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