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Oracle Coalfields bids to secure debt financing for Thar

Published: 14:41 30 Sep 2013 BST

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Oracle Coalfields (LON:ORCP) chief Shahrukh Khan says the firm will continue to work with its Chinese partners to secure the debt financing for the Thar coalfield in Pakistan.

The target is to develop the mine and power plant in the second half of 2014 followed by initial coal production in 2015, the firm said in in its latest half year results.

Last week, Oracle agreed a significant joint development agreement (JDA) with Chinese firm CAMCE, which will develop the mine and the plant.

It is estimated that the combined cost of the mine and power plant would be just under US$1bn, with about two thirds of this being debt finance from Chinese lenders including underwriting of capital expenditure by Sinosure, the Chinese export and credit insurance corporation.

It is also expected that Oracle will raise equity finance through a staged programme in 2014.

For the six months to June 30, the group narrowed its loss to £288,499 compared to £408,423 in the first six months of 2012.

Oracle shares dipped 3.26% to 2.225p.

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