Oracle Coalfields plc, a UK based company has entered into a £2 million equity line facility to progress the development of its Thar coalfield project in Sindh.
The equity line lies with the Dutchess Opportunity Cayman Fund and was arranged by First Columbus - Dutchess’ joint venture partner in the UK. It allows Oracle to draw down on the facility at any time during the next three years.
Oracle’s CEO Shahrukh Khan said, “Putting a facility of this kind in place will help to ensure that company is appropriately funded for the medium term. Financing will be required for working capital as Oracle progresses to full-scale mine development.”
He added that last year had seen Oracle make ‘significant strides’ towards its aim of developing a world-class coal mine in Pakistan.
Published in The Express Tribune, July 25th, 2012.