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  • Pacific Energy has signed two contract extensions with Saracen Minerals
  • Saracen’s Carosue and Thunderbox Dam sites contracts will be both be extended until 2024
  • Carosue will expand to a 26 megawatt power station
  • Pacific Energy is down 0.46 per cent and is selling shares for $1.08, while Saracen is up 1.21 per cent and is selling shares for $3.76 per share

Pacific Energy, has signed two contract extensions with Saracen Minerals.

Saracen’s Carosue and Thunderbox Dam sites contracts will be both be extended until 2024.

Carosue is an 18 megawatts dual power station and will be expanding over two stages over the next 12 months.

The first stage will expand the power station by 2 megawatts and afterwards by another 6 megawatts, to a total of 26 megawatt.

Carosue’s contract term will be extended from January 2023 to August 2023.

The contract for the 17MW-gas fired power station at the Thunderbox mine site will be extended from November 2020 to August 2024.

Pacific Energy’s total contracted capacity now stands at 381 megawatts and the weighted average remaining contract duration is approximately four years.

Managing Director James Cullen is very pleased to extend its relationship with Saracen into the mid-2020 for both sites.

“Saracen is a key and substantial customer for us, representing around 12 per cent of Build-Own-Operate revenues, so these awards are very material and important to us,” James said.

“We look forward to continuing the sound relationship that has been built over the years and completing the installations of additional capacity at Carosue Dam,” he added.

Saracen is a gold mining company with an annual production of over 300,000 ounces. Its production comes from two Western Australia projects, Carosue and Thunderbox.

Pacific Energy delivers low-cost ‘off-grid’ power supply to the Australian resource sector and ‘grid-connected’ renewable hydro and gas power.

Pacific Energy is down 0.46 per cent and is selling shares for $1.08, while Saracen is up 1.21 per cent and is selling shares for $3.76 per share at 3:00 pm AEDT.

PEA by the numbers
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