Oracle Coalfields has received written confirmation that its mining lease over the Block VI of the Thar Coalfield in Pakistan has been restored.
Block VI is at the heart of Oracle’s coal-fired power station power project in Sindh province, but its license was cancelled by the government last year.
Shahrukh Khan, Oracle Chief Executive, told investors: “The restoration of the mining lease is most welcome. I am grateful to the existing and new shareholders who have supported us through this testing period. We continue to work with the relevant stakeholders to progress the project and will continue to update the market as and when further developments occur”.
On Friday 20 February the company received a letter from the Directorate, Coal Mines Development, Government of Sindh, Pakistan stating the lease was restored.The news comes after a recent meeting with the department, which led to written notification that the lease cancellation order will be rescinded on receipt of a performance guarantee from Oracle subsidiary SCEL and the setting up of a new office in Karachi.
Adapted from a press release by Emma McAleavey.