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Oracle Coalfields welcomes tax incentives for Thar coal

Oracle Coalfields plc has welcomed the extension of Pakistan's tax incentives while it is developing its 1.4bn Thar coal and power project in the country.
Oracle Coalfields welcomes tax incentives for Thar coal
Oracle Coalfields is developing a coal mine with a power station at its mouth...

Oracle Coalfields PLC (LON:ORCP) has welcomed the extension of Pakistan's fiscal incentives while it is developing its 1.4bn Thar coal and power project in the country.

Chief executive Shahrukh Khan said: "The extension of the 20% IRR (in US$ terms) demonstrates the commitment of the Government of Sindh to the development of Thar coal.

"This is an attractive rate of return, designed to encourage foreign inward investment for the development of Thar.

"Oracle is committed to this project which will help to alleviate the country's power shortfall."

It means a project  developing the Thar resource will be guaranteed a 20% internal rate of return on the investment in US dollars.

The extension applies to all coal mining projects, based on indigenous Thar coal, to the companies which achieve financial close before the end of 2016, which Oracle is working towards.

The government is keen to attract more investors in indigenous Thar coal based power projects to overcome the acute power shortage in the country.

Shares in Oracle eased 0.97% to stand at 2.55p.

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