Current Status & Timelines:
The present status of the Oracle Coalfields Project and further timelines, as communicated by them, are summarized below:
i. In September, 2014 the company has signed an EPC Framework Agreement with SEPCO for construction of initially a 600 MW mine mouth power plant and for the development of 4.0 MT per year open pit mine to supply coal lignite to power plant.
ii. Overall plan is an 8.0 MTPA mine and associated mine mouth Power Plants of 1200 MW.
iii. Recently, Oracle Coalfields, PLC UK has signed an agreement with Yanzhou Coal Mining Company Ltd for participation in mining project.
iv. Work on both mine and the power plant is scheduled to commence in 2016 with the first 300MW unit to be commissioned after 36 months i.e. first quarter of 2019 and the second unit after 40 months.
v. Oracle Coalfields has hired International Consultants such as Mott MacDonald UK and Turner and Townsend for developing EPC agreement into Term sheets for both mine and power plants.
vi. Oracle has in place the Joint Development Agreement with Karachi Electric Supply Company since 2012 for the joint development of power plants in Thar Block-VI besides working with KE to develop Power Purchase Agreement (PPA) for the entire electricity output of the power plant for a 30 years period.
vii. The Company is in final stages of discussions with Sinosure and other equity providers for securing debt.
viii. For Land Acquisition the Company has hired the Services of Hagler Baily Pakistan in accordance with the Resettlement Framework Policy of Sindh Government.
ix. For Environmental and Social Impact Assessment, the Company has hired the Services of Wardell International and Hagler Bailly of Pakistant. The ESIA has been approved by SEPA in January, 2014.
x. Aiming for Financial Close by the end of 2016.