Oracle Coalfields PLC gets endorsement of foreign investment

London: Oracle Coalfields PLC has appointed Citigroup Global Markets Limited (“Citi”) to act as the financial advisors for the development of its 1.4 billion tonnes flagship coal resource project – Block VI of the Thar Project - in the south-eastern desert of the Sindh Province, Pakistan.  It was announced by the Directors of Oracle Coalfields PLC (AIM:ORCP) on 3rdOctober, 2011.
 
This is a significant commitment of engagement of foreign investment in the Thar Coal Project, Pakistan.  With the endorsement of the Citigroup, Thar Coal Project can safely be designated as de-risked. Also the myth of Thar Coal being a non starter has been removed.  Oracle Coalfields PLC has said that it will begin the commercial project of open cast mining in Thar Coal Block VI by the middle of next year.  The company has already been listed on the AIM market of
the London Stock Exchange.

Citigroup will also engage local banks in Pakistan to raise project
finance; hence, the project risk will be leveraged.  The Government of Pakistan supports international investment in the development of our natural resources including mining and exploration sector as this brings an inclusive development and transformation of our provinces on a growth trajectory. International investment in the natural resources is welcome, especially, when all allied
liabilities including environmental protection, labour laws, and social development of the area show an evident tangible display of corporate social responsibility by the foreign investors.

October 7, 2011

 

Last updated: 10 October 2011