Oracle Power PLC (LON:ORCP) has said it believes discussions within the Private Power and Infrastructure Board (PPIB) over its Thar Block VI Project are progressing well.
Oracle and its consortium partners made a presentation to the PPIB last month, setting out in detail the implementation plan for Thar as an industrial park, centred around the development of a large mine, along with a mine-mouth power plant, a coal gasification (urea/fertiliser) and coal-to-liquids plant.
Oracle said this “critical meeting” represented one of the final steps ahead of the view to finalising the award of the letter of intent (LOI) from the PPIB for power.
The group said its board has been informed of the scheduled next steps in the process but said precise timings have yet to be confirmed.
Meanwhile, it added, the board continues to assess other opportunities in the natural resources and power sectors that it believes have the potential to generate significant value for shareholders in the near term.
“It is our eventual goal to provide investors with a diversified portfolio of interests through which to build value across multiple commodities, de-risking the inevitable volatility in individual minerals and metals, to deliver long-term and sustainable returns to our investors. We are assessing two potential investments which we believe will fit these investment criteria and we look forward to reporting more if these discussions come to fruition,” Oracle Power chief executive officer, Naheed Memon, told investors in an update.
"It is with this work in mind, and combined with the significant developments we anticipate at our flagship Thar Block VI Project during the current period, that I look to the remaining months of 2020 with optimism and I look forward to providing further updates to shareholders in due course,” Memon concluded.