LONDON: A UK-listed mining firm planning Pakistan’s first large coal mine intends to move from the Plus exchange to the Aim before June this year, reports British newspaper “Daily Express”.
Oracle Coalfields is betting on coal to help Pakistan overcome chronic energy shortages which have led to power load shedding.Coal, which currently supplies less than 1 per cent of Pakistan’s energy, could supply 17 per cent by 2025.
Oracle, which has a market capitalisation of 14 million pound sterling, intends to move from Plus to Aim between March and June, according to chief executive Shahrukh Khan who said: “The time has come.” An Aim listing would enable Oracle to raise funds for its ambitious plans.
The company has the rights to develop a “world-class asset” of lignite that could contain 370 million tonnes of recoverable coal.
It is part of the giant, undeveloped Thar coalfield thought to be the world’s sixth biggest coal reserves, some 380 km from Karachi.
Oracle’s planned opencast mine could produce 3 million tonnes of coal a year by 2015.