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Oracle Power and partner agree not to pursue iron ore development opportunity in Guinea

The Office of His Highness Sheikh Ahmed Dalmook Al Maktoum owns an exploration licence in the Republic of Guinea but has agreed with Oracle not to develop it at this time

Oracle Power PLC -
After doing their due diligence in Guinea, the partners have agreed to look at other opportunities

Oracle Power PLC (LON:ORCP), the power project developer, has decided not to pull the trigger on the development of an iron ore asset in Guinea.

Oracle said its partner, The Office of His Highness Sheikh Ahmed Dalmook Al Maktoum, was on board with the decision; the sheikh's private office holds the exploration licence for the iron ore asset. The two parties will now jointly focus on additional opportunities within the natural resources sector in Africa.

READ Oracle Power teams up with largest shareholder to explore new ventures in Africa

"We continue to work with The Private Office of His Highness Sheikh Ahmed Dalmook Al Maktoum to generate interesting opportunities which merit further evaluation,” said Naheed Memon, the chief executive officer of Oracle in a statement.

“The ongoing support of HH Private Office, both in terms of our flagship Thar Block VI Project and this potential collaboration in new mining projects in Africa, strengthens our fundamentals as an international natural resources and power project developer,” he added.

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Price: 0.6 GBX

AIM:ORCP
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Market Cap: £13.01 m
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