23rd Feb 2015 07:58
LONDON (Alliance News) - Oracle Coalfields PLC on Monday said the mining lease for Block VI of the Thar coalfield in Pakistan has been restored.
The company said its Sindh Carbon Energy Ltd subsidiary received a letter from the local government in Sindh confirming the restoration of its licence on February 20.
"The restoration of the mining lease is most welcome. I am grateful to the existing and new shareholders who have supported us through this testing period. We continue to work with the relevant stakeholders to progress the project and will continue to update the market as and when further developments occur," said Oracle Chief Executive Officer Shahrukh Khan.
Shares in the company dropped back in December after it said the Sindh government has revoked the licence, with no reason given for the decision. Its shares recovered somewhat in January, however, amid news the mining licence would be reinstated.
By Sam Unsted; [email protected]; @SamUAtAlliance
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