17th Jun 2016 07:28
LONDON (Alliance News) - Oracle Coalfields PLC on Friday said the coal price for its combined lignite mineral resource and mine mouth power plant located in the Thar desert in the south-east of Sindh Province in Pakistan has been determined by the local government.
The Thar Coal & Energy Board, part of the local Sindh government, has set an average coal price of USD60.23 per tonne on annual production of 4.0 million tonnes over a thirty-year mine life.
"The determination of our coal price by TCEB is an important milestone for the company and represents the latest step towards our goal of developing a producing mine capable of supplying indigenous coal. The regulated coal pricing mechanism that applies to Thar coal isolates the project from the price fluctuations of internationally traded coal and provides an element of certainty to the equity investor," said Oracle Chief Executive Shahrukh Khan.
Oracle shares were down 1.5% to 3.03 pence Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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