(MENAFN- ProactiveInvestors) () which operates the Co-O gold mine in the Philippines has attained future power security - after it struck a deal over 9000 hectares of coal operating contracts and formed a strategic alliance with Perth-based Swan Energy.
This alliance is to finance build and operate a 30MW power station and be the exclusive power supplier to the group's operations.
Geoff Davis the chief executive of Medusa said: "This is another strategic step in building the long term future for the company's long life operations by planning for power supply security.
"We are very pleased to have the relationship with Swan Energy who have strong associations with international power station technology and construction companies."
The firm identified the opportunity to control its own future power sources several years ago and the first step is the granting of these coal operating contracts while the second is the power station.
Medusa will carry out the exploration feasibility studies and mining operations on the coal contracts and has the option to transfer the contracts to a new qualified corporatioon to undertake these activities.
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