The estimates indicate that 135 to 175 billion tonnes of lignite coal can be obtained from the deposit, which can produce thousands of megawatts of electricity for decades.

Karachi Electric Supply Company (KESC) has inked a joint development agreement with the Hong Kong based company, Bright Eagle Enterprises (BEE), for coal conversion project at a cost of $200 million.

Gold prices hit 6-1/2 week highs on Thursday as stock markets, commodities and the euro all rallied after the Federal Reserve said it planned to keep interest rates at rock bottom for some years, and hinted at further economic stimulus measures.