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22/03/2012

Oracle Coalfields CEO talks about the move from exploration to development

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Market: AIM
Sector: General Mining - Coal
EPIC: ORCP
Latest Price: 3.75p  (0,00%)
52-week High: 10.50p
52-week Low: 3.63p
Market Cap: 8.03M
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Oracle Coalfields
www.oraclecoalfields.com

Oracle Coalfields is a UK based company with its primary coal projects in Pakistan. It will in time evaluate global opportunities for investment and strategic partnership for coal mining and production.

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Oracle Coalfields appoints new finance director and mining and contracts manager

19th Oct 2011, 9:41 am by Sergei Balashov Oracle expects the new appointments to help it maximize the value of its coal resource in Pakistan

Coal miner Oracle Coalfields (LON:ORCP) has beefed up its board and management team today, naming Tony Philip its new finance director, while Brian Rostron will become the new mining and contracts manager.

The company said the new appointments, which are both effective immediately, will help it maximize the value of its “important and strategic” coal resource in Pakistan and raise funds to bring this resource into development.

“The calibre of people we continue to attract is second to none,” said chief executive of Oracle Coalfields Shahrukh Khan.

Oracle also said that Roderick Stead will now step down as interim finance director to become a non-executive director of the company.

Philip has spent much of his career with Royal Dutch Shell (LON:RDSB), where he held various roles managing company finances and governance, including several major project financings within African and Middle Eastern countries.

Oracle’s new finance director has also worked with many project companies, through from feasibility to operating phase.

Rostron has been responsible for the operational management of various coal mining companies with overall responsibility for production, financial performance, acquisitions and restructuring.

He has worked at Miller Argent South Wales Ltd, H.J. Banks Mining, Scottish Coal Company, Coal Contractors and other companies.

Oracle is developing a 1.4 billion tonne coal resource in the south-eastern desert of the Sindh Province, Pakistan.

Earlier this month, the company hired Citigroup Global Marketsto find a “comprehensive funding solution” to commercialise the project.

The plan is to mine around 1 million tonnes a year from 2013, which will be sold to Lucky Cement and used to heat its kilns.

Output will then ramp up to 2.5-3 million tonnes annually as its deal with the Karachi Electric Supply Company kicks in.

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