Last checked at 25 Mar 2013 07:00
25 March 2013
Oracle Coalfields PLC
("Oracle" or "the Company")
Oracle Coalfields gets import duty exemption from Pakistan Government
Oracle Coalfields (AIM: ORCP), the UK developer of the 1.4 billion tonne Thar Coalfield project located in the Sindh Province in South-East Pakistan, today announces that the Government of Pakistan has confirmed that equipment and machinery imported for mining activities at Thar Coalfield will be totally exempt from customs duties and related taxes. It is evidenced from the latest Notification from the Federal Government under reference S.R.O (Statutory Regulatory Order) 222(I)/2013 under the Customs Act 1969.
The expected exemptions covering mining equipment, spare parts and vehicles used in development of the Thar Coalfield have already been factored in to Oracle's financial planning and Implementation Plan, released in September 2012.
Shahrukh Khan, CEO of Oracle Coalfields, said "The concessions in customs duties and related taxes for coal mining in Thar are further evidence that the Pakistan Government is industry- and investor-friendly and that it is keen to support the development of our potentially world-class asset.
"While we have accommodated for the exemptions in our financial planning, they are further bankable evidence of the feasibility of our project and will help us to attract a suitable strategic partner to further the development of our project."
Ends
For further information:
Oracle Coalfields PLC Shahrukh Khan, CEO +44 (0) 20 7317 4050
Blythe Weigh CommunicationsTim Blythe, Robert Kellner +44 (0) 20 7138 3204
Grant Thornton (Nominated Adviser)Gerry Beaney/David Hignell +44 (0) 20 7728 3402
Novus Capital MarketsCharles Goodfellow +44 (0) 20 7107 1881