Oracle Coalfields narrows annual losses
Oracle Coalfields narrowed its annual losses as the company made progress on its lignite mineral property in the south-eastern desert of Sindh Province, Pakistan.
Oracle Coalfields narrowed its annual losses as the company made progress on its lignite mineral property in the south-eastern desert of Sindh Province, Pakistan.
The coal explorer reported an operational loss of £0.75m for the year ended December 31st 2012, down from £0.95m a year earlier.
During the year, the company advanced on the Pakistan mine with the issuance of the mining lease, the signing of a joint-development agreement with Karachi Electric Supply Company and the preparation of an implementation plan to proceed with mine development and production.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
At the end of the year, the group had cash and cash equivalents of £0.99m, compared to £1.6m a year earlier.
Total assets less current liabilities came to £3.52m, down from £4.23m in 2011.
"Oracle has therefore now put in place the building blocks for project implementation and is in active discussions with potential strategic partners, developers and potential contractors to develop both the mine and a mine mouth power plant with support of the provincial and national governments," Chief Executive Officer, Shahrukh Khan, said.
"An integrated mine and power plant development will provide security to partners and investors through transparent coal pricing arrangements and a long term power purchase agreement for at least 30 years."
He said the development of the coalfield would alleviate a power shortage in the country and supply competitive electricity.
Early this year £0.93m extra capital was raised, including contributions from shareholders and management, to cover its working capital requirements throughout 2013.
However, additional funds will be required to develop the Block VI coal mine. The group now looking at options to raise debt and equity. It is in talks with potential investors and technical partners from the Middle East and Far East.
RD
-
10 vinyl records worth up to £10,000 - is one in your collection?
News Vinyl is experiencing a resurgence and collectors will pay up to £10,000 for some albums - is it time to dust off your old records?
By Marc Shoffman Published
-
FCA: Banks are still short-changing savers
The latest FCA review finds that while public shaming has encouraged providers into offering better deals on savings, many of those with closed accounts are still being shortchanged.
By John Fitzsimons Published