Oracle Power progressing with Thar power project

We continue to strive to expedite progress at the Thar Block VI Project in Pakistan and are committed to achieving project milestones in as short a timeframe as practicable

Naheed Memon, chief executive

What does the company own?

Thar Block IV is a 1.4 billion tonne coal project in Pakistan that will be the basis for a major industrial hub will eventually involve power generation and the manufacture of urea.

It is a lignite quality coal with moderate calorific value, high moisture content and low sulphur percentage. It is suitable for power generation utilising conventional open pit mine excavation techniques methods and the perceived mine mouth power plant will use the latest environmentally conscious technology to minimise the environmental footprint.

Mine development is anticipated to be conducted in tandem with the development of the mine mouth power plant development, and subsequently, coal gasification and coal-to-liquids development. All necessary licences and other permissions for power plant processes will be obtained as the Thar Project progresses. The mining licence remains valid as long as substantial progress is shown on ground.

The company also owns Australian gold assets.

How it is doing

The Thar Block VI project has been awarded priority status under the China-Pakistan Economic Corridor (CPEC) initiative within the ‘Power’ and ‘Oil & Gas’ working groups.

The company is now awaiting the results of its Letter of Intent application, although some delays have been caused by coronavirus disruption.

The company recently acquired two Australian gold projects, the Northern Zone and Jundee East, and has moved quickly to initiate exploration on them.

What the boss says: Naheed Memon, chief executive

“The past three months have been defined by the progression of our strategy in respect of the development of Oracle’s Thar Block VI Project towards Financial Close, and have also laid the foundations for our Company becoming an international natural resources and power developer.”