Oracle Power and Emirati sheikh choose not to pursue Guinea project
Natural resource and power project developer Oracle Power announced on Tuesday that, further to its announcement on 29 July, both its board and the Office of His Highness Sheikh Ahmed Dalmook Al Maktoum were working “closely” on the evaluation of potential mining opportunities in Africa.
The AIM-traded firm said that, following the completion of initial assessments on the iron ore asset in Guinea, its board and HH Private Office had now agreed that they would not pursue the project further, and instead would jointly focus on additional opportunities within the natural resources sector in Africa.
Oracle said it would provide further updates regarding those opportunities as they arose.
“We continue to work with the Private Office of His Highness Sheikh Ahmed Dalmook Al Maktoum to generate interesting opportunities which merit further evaluation,” said chief executive officer Naheed Memon.
“The ongoing support of HH Private Office, both in terms of our flagship Thar Block VI Project and this potential collaboration in new mining projects in Africa, strengthens our fundamentals as an international natural resources and power project developer.
“I am greatly encouraged by the shared motivation and engagement, amongst all parties, as we continue to build Oracle Power.”
At 1328 GMT, shares in Oracle Power were down 0.42% at 0.6p.