Oracle Coalfields has raised almost GBP1 million to cover expected working capital requirements throughout 2013 at the Thar Coalfield Block VI licence area in Sindh Province, southeast Pakistan. Additional funds will be required to develop the Block VI coal mine.
Oracle is, therefore, considering options to raise the necessary debt and equity, and is very close to finalizing these with potential strategic investors/technical partners in the Middle East and Far East.
Oracle Coalfields is an AIM-listed coal developer. Its primary interest is the Thar Coalfield Block VI licence area, which has a 1.4 billion tonne resource with 529 million tonnes of JORC mineral resource and 113 million tonnes of JORC proven reserves within the mining area of the licence.
The Thar Coalfield is 380km from Karachi and covers a total area of 9100sqkm. The coalfield is in close proximity to good infrastructure, with ongoing development of a road and power network in the region.
During the past 12 months Oracle has completed a technical feasibility study with the economic viability of the construction and operation of the Block VI mine confirmed. It has been issued a formal mining licence and has signed a joint development agreement with Karachi Electric Supply Company.
The company has also completed an Implementation plan for coal mine development and production, and has also completed a pre-feasibility study of the suitability of the mine-site for mine-mouth power plant production of electricity at projected tariff rates.