Oracle Coalfields shares have spiked on news that it has signed a Shareholder Framework Agreement with a consortium of new and existing Chinese partners.
Under the agreement, the Chinese partners will take a 70% equity stake in Oracles subsidiaries in Pakistan.
Shares in the company ended the day on 3 June at £3.20 - their highest level since mid-2012 – before hitting £3.49 after trading opened on 6 June.
The UK-based company is developing an integrating lignite mine and power plant in the Thar desert of southeast Sindh Province in Pakistan.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/06062016/oracle-shares-spike-on-deal-with-chinese-partners-2016-901/