Terreno looks to Dominican biofuels with MoU

Canadian mining exploration and development business Terreno Resources has signed a memorandum of understanding to purchase biofuels concern Dominican Renewables.

The deal is said to be worth around $2.5 million (€1.8 million) and would make Dominican a wholly-owned subsidiary of Terreno, which will then concentrate on biofuel production in the Dominican Republic region while also expanding local mineral exploration projects.

‘Since being in the country we have become acutely aware of the reliance and prohibitive costs of traditional fuel imports with no current local supply,’ Terreno chairman John Icke was quoted as saying. ‘Dominican Renewables is positioned to address this issue in a socially responsible manner by providing a biofuel component blended with traditional fuel products.’