Company pulls out of geothermal energy project in Peru

Energy Development Corp. said it will not continue with a joint venture at Australia-based Hot Rock Limited’s Chocopata geothermal power plant in Peru.

Hot Rock has started discussions with other parties to enter into further joint venture agreements to explore and develop Chocopata and other projects in Peru, Chile and Argentina.

EDC told Hot Rock that it intends to proceed with detailed fieldwork programs at the Quellaapacheta project and is sending workers and contractors to begin work around Sept. 22. Work will consist of geological, geochemical and geophysical magneto-telluric surveys and is expected to be completed by mid-November.

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