Naheed Memon is the Chief Executive Officer of Oracle Power that currently has a large scale industrial mining project in the Thar desert. The project includes a mine-mouth power plant and coal to gas and liquid production facilities. The area of the mine is 66 square km.
The project envisages the setting up of a state of art, mega industrial park centred around a large mine, deploying the most modern mining technologies. The company has plans for diversifying into other natural resource projects in other regions too. The development of the current projects in Pakistan entails numerous collaborations with the local government, China, and other partners.
Acquisition of Two Highly Prospective Gold Projects in Western Australia
Oracle Power PLC, the AIM-listed natural resources and power project developer, is pleased to announce the acquisition of two highly prospective gold projects in Western Australia. The acquisition of these assets, which are both located in world-class gold mining districts, advances the Company’s strategy to become an international developer of high-quality natural resources and power projects, offering investors exposure to multiple commodities and value trigger events.
Naheed Memon, CEO of Oracle, commented :
“To secure a deal on these assets in Western Australia is a very significant and exciting new development for Oracle. The Northern Zone Project is essentially drill ready and the Jundee East Project has the potential to discover gold mineralisation in a newly identified greenstone belt that has very similar geophysical signatures to the nearby Jundee Gold Mine.
“Gold is a commodity which we believe has the potential to generate significant returns for the Company and our shareholders, and Western Australia is, from both a geological and political standpoint, perhaps the optimal region globally to develop a new gold mine. Securing these assets for a modest cash and equity consideration, is, I believe an exceptional find for Oracle investors and I am excited of report updates in the future as we look to prove up these projects and demonstrate their potential to become standalone gold mines.
“Furthermore, the acquisition of these projects significantly strengthens our investment proposition and appeal to new investors. Combining gold exploration with our flagship Thar Block VI Project in Pakistan, which is intended to include a coal mine, mine mouth power plant, coal gasification plant (for urea/fertiliser) and coal-to-liquid processing for liquid fuel, in addition to the evaluation work we are undertaking with The Private Office of His Highness Sheikh Ahmed Bin Dalmook Al Maktoum in Africa, has the potential to establish Oracle as a multi-commodity, multiple revenue stream business in the future.”
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