Oracle Coalfields’ Pakistan coal mine makes progress
Oracle Coalfields, the UK coal developer of a 1.4 billion t lignite resource in Pakistan, has announced that a “No Objection Certificate” (NOC) has been issued by the Environmental Protection Agency Government of Sindh.
Oracle’s Thar coal mine is located in the south eastern desert of the Sindh Province in Pakistan. It has a 529 million t JORC mineral resource and 113 million t JORC proven reserves within the mining area of the current license.
The company had submitted an Environmental and Social Impact Assessment for Block VI of the Thar coalfield in 2013. The NOC will now allow Oracle to continue with development of the coalfield as planned. In a statement, the company said this was “a further significant step in the development of the company’s energy project in the That Desert of the Sindh Province of Pakistan.”
Shahrukh Kahn, Oracle CEO, said: “We are delighted to announce this significant development. The issuance of the NOC represents another major milestone in the development of our Thar coalfield project […] shareholders should expect to receive further progress updates in due course.”
In further developments, Oracle has announced that it is currently working with SEPCO Electric Power Construction Corp. on a Join Development Agreement that should be concluded shortly. In November 2013, Oracle signed a Memorandum of Understanding (MOU) with SEPCO regarding the construction of a 600 MW plant in Sindh.
Oracle’s share price increased by 6.4% following the announcement, reaching a high of 2.5p.
Edited from various sources by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/21012014/pakistan_coal_mine_receives_boost_432/
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