24th Sep 2015 10:14
LONDON (Alliance News) - Oracle Coalfields PLC Thursday said it is approaching financial closure on its coal and power plant project in Pakistan as it finalises the necessary construction and financial contracts as it reported a wider pretax loss in the first half of 2015 as expected.
The coal miner reported a GBP528,476 pretax loss in the first six months of 2015, widening from the GBP377,966 loss a year earlier after administration costs rose in the period. The company does not generate any revenue.
Oracle is developing a coal mine and mine mouth power plant located in the Thar desert in the south-eastern Sindh Province of Pakistan.
The project has been included in the China-Pakistan Economic Corridor, a major agreement between the two countries which aims to connect Gwadar Port in southwestern Pakistan to China?s northwestern autonomous region of Xinjiang, via a network of highways, railways and pipelines to transport oil and gas.
The company is approaching financial closure on the project and is currently finalising details of the engineering, procurement and construction contracts with its Chinese partners for both the mine and the power plant, and also debt financing which is supported by Sinosure, the state-owned China Export and Credit Insurance Corporation.
Oracle shares were trading down 2.8% to 1.38 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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