A UK-based Pakistani firm intends to start coal exploration work in Sindh from October this year with substantial investment. The Director of Oracle Coalfields Plc, Anthony Scutt, stated this.
He pointed out that the year-long exploration program has been mapped out to develop the Indus East coal fields in Badin District for fuelling the power sector. The work, he pointed out, would be carried out with local partners- Sindh Koela limited; a Hyderabad based company, and said that this is the first venture of his firm in Pakistan.
He said that Oracle Coalfields is listed on the London Stock Exchange and that would be keen to come up with investment in Pakistan in coal exploration. " Pakistan is offering considerable business opportunities for foreign investors", Scutt remarked but added that these opportunities have not been adequately propagated or promoted abroad.
About the project being taken up by the Oracle Coalfields, he explained that it is to develop a coal mining operation in the interior of Sindh within a 100 sq km exploration license that was granted to the firm in February last by the Sindh Coal Authority.
He stated that the joint venture has been named as the Sindh Carbon Energy (SCE) for the purpose of this very undertaking. Sindh Koela would separately construct a 150 MW power station at the mine when it is created.
Scutt was of the view that the assessment of the commercial viability of this project for the mine remains key to realisation. It will only be finalised following the completion of the drilling work, which is being undertaken by deep rock drilling.
This work, he pointed out, has been delayed slightly owing to the recent flooding. The work would commence immediately after the month of Ramazan. He said that the Indus East coal mining operation would create hundreds of new jobs.
Shahrukh Khan of the Oracle Coalfields, who was present on the occasion, said that his firm would come up with substantial investment in this project. He hoped that Oracle Coalfields would become a key player in developing Pakistan's untapped coal resources, which are estimated at around 185 billion tonnes.