The management of Lucky Cement Limited has entered a memorandum of understanding (MoU) with M/s Oracle Coal Fields PLC, the UK developers of 1.4 billion tons coal deposits in Pakistan, for the supply of indigenous coal for its cement plants.
According to an information sent to Karachi Stock Exchange (KSE) on Thursday, the coal will be mined By Sindh Carbon Energy Limited, a subsidiary company of Oracle Coal Field, who has been granted exploration license by the Director General Mines & Minerals Department, Sindh at Block-4, Thar Coal Field, District Tharparkar, Sindh. The signing of the MoU will not only encourage the exploration and mining of indigenous coal available in abundance at Thar Coal Field but will also reduce the import of coal and foreign exchange savings for the country, the company said.