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Would you be honest an answer?
What’s your role here?
Anyone tried to call CTW to see what his take is on it all??
Some of the long term holders on here will remember when Hasina made the fatal comment.
"Coal will be left underground for future generations"
Well, a generation has passed now and it is needed more than ever.
I’m not an investor here except through my holding in Polo
I don’t suppose that Tang would try and relist Polo?
I can’t find any Polo results anywhere
Does a shareholder have a right to be informed of results in a Thai company?
This has caused an even deeper austerity move with the central bank imposing certain restrictions on imports, which also caused disruption to imported coal supply, impacting power supply from recently commissioned large-scale coal-fired power plants.......
Our Dhaka team maintains contact with government agencies and has seen evidence that the forementioned momentum towards developing the country's known domestic coal resources and increasing exploration to identify new gas fields is waxing. The downturn in key economic indicators has seemingly been an awakening and it is most fortunate that the country has such a world class energy resource as the Phulbari coal deposit..........
Throughout the reporting period and beyond, the Company's Dhaka-based team has maintained contact with the relevant government agencies and there is credible evidence that the "new plans" cited by the Honourable Prime Minister are being framed and that such plans are addressing domestic coal extraction and exploration efforts for new gas. This is exciting news for the Company, the Project and its Shareholders..........
The Company engages positively with local communities, regulatory authorities and stakeholders in its project locations and encourages feedback through this engagement............
GCM remains confident its Strategy and Business Model will deliver project approval and enable the Project to: reduce the Country's exposure to the volatile energy market; deliver a long-term positive impact on Foreign Exchange Reserves; deliver the lowest coal-based energy price and cheapest electricity, enabling expansion and competitiveness of industries; produce new higher paying jobs; and grow the economy............
GCM's Dhaka-based team continued to work with contacts within the government agencies to ensure the Company is in the very best position to engage with the new government once it is in place and fully functional within the 1st Quarter 2024. This communication is two-way and an overview of what would be expected in the Project Proposal has been shared............
The Project area can also support over 2,000MW of installed Solar Power Capacity throughout the life of the Project and this is an adjunct to the Proposal. It is aimed to supply power from the Solar Power Park to both the national grid and the Phulbari coal mining operation, enabling the mine to attain carbon emission neutrality and "Green Mine" status.........
During this last Financial Year, our team continued to work closely with development partner, Power Construction Corporation of China, Ltd. ("PowerChina"). They are a diverse and extremely experienced organisation with the capabilities to support all aspects of the Project. Apart from an MOU focused on coal mine development and Joint Venture Agreements for power plants of 4,000MW (two 2,000MW Stages), as indicated below, PowerChina has also shown interest in the proposed Phulbari mine site Solar Power Park........
Try calling them
Tried to get a live quote through Halifax, it states:
Investment into this asset is currently unavailable through our service. This could be for a number of reasons, such as the asset no longer meets our policy, the manager of the asset has declared it does not provide value or due to a change in regulation. Please visit our research centre for alternatives.
Is there a time limit / end date on the lease?
Adding to this, timing is everything. With elections early Jan the previous 12 months were essentially a write off in terms of approval - would’ve caused too much commotion amid an election campaign (fixed that it was).
It’s no coincidence as soon as the govt has been confirm as the sitting party for the next 4 years GCM will put forward our proposal in Q1 (we’ve never had such a timescale to work with over the last 10 years). The people gcm have liaised with to get the proposal ready are the same people in government now, imo they’re only going in so early because they were told to.
We’re funded until May and we’ll know well before then, with potentially a different landscape in price. If it doesn’t go our way, at least it puts us out our misery. I just don’t see the Bangladeshi’s saying no to Power China and the resource, given the state of their economy.
No surprise to see the share price retreating toward the placing price. Whoever stumped up the cash will be well aware of the precarious position GCM are in with the need to still raise more money within a few months, appoint NED'S and fight off Tang's ill intentions towards the company/shareholders.
On a brighter note, now that GCM has staved off part of the immediate danger, I would expect to see new NED'S appointed shortly and a share price rising again, either on news of the new appointments or as the new 'investor' offloads.
Should be seeing delayed sells some time soon.
Legal - risk that the mining lease and exploration licences are revoked. The Group continues to comply with all terms of the Contract with the Government for "Exploration and Mining of Coal in Northern Bangladesh" and is careful to ensure that all ongoing conditions of the Contract and the associated mining lease and exploration licences are met. GCM has received a recent comprehensive legal opinion that the Contract is enforceable under Bangladesh and International law.
GCM have had the licence to mine phulbari confirmed as being enforceable and legal so no problem there
Some years ago phulbari was given approval to mine and the share went to £8 only for a rival political party to organise a protest where the Bangladesh police shot and killed a couple of protesters . Since then GCM bough the licence and have spent millions doing water table surveys feasibility study’s , resettlement studies and much much more along with joint venturing with power China to build a power station and solar park ,
The Bangladesh government have driven the country into near bankruptcy with there miss management and corruption along with a suicidal policy of importing inferior coal at crazy prices from all over the world , not only does it produce a lot more harmful pollution due to being low grade there is also the extra pollution of transportation
Given the state of Bangladesh’s economy and the fact GCM have announced they will be ready to do the proposal and are welcoming a partnership with the GOB in the first quarter I would say this is the best chance GCM has of approval for many a year, just need a positive outcome at the AGM and GCM will fly , imo
The last presentation from the company on their website is approx. 3 years old.
Does GCM own the land the Phulbari coal project would occur or is this a mining lease, when does it expire? Is it expected that GCM just runs out of money goes bust and the Chinese take it for development.
What is the real likelihood of anything ever coming of this project that has been in the making for a astounding 20 years and development still not begun.
2.00 v 2.25 Barclays. I’ll wait…
We’re back!!
NOTICE
02/02/2024 7:30am
RESTORATION OF TRADING ON AIM
GCM RESOURCES PLC
Trading on AIM for the under-mentioned securities was temporarily suspended. The suspension is lifted from 02/02/2024 7:30am, an announcement having been made.
ORDINARY SHARES OF 1P EACH, FULLY PAID
(B00KV28) (GB00B00KV284)
If you have any queries relating to the above, please contact the company's nominated adviser on +44 (0) 20 7220 1666.
Header bit sensational but after Results RNS and news on New Energy Policy by Govt we expect shortly - think upside (should) be very likely.
Also high multiple going forward is also very high probability so glad shares in hand.
Not my biggest holding but potentially biggest ROI 🦉
Stokes1610, yes there are a few things that are still unclear and need clarification, BUT … and this is only my personal opinion,…. I’d be very surprised if before the AGM on the 29th we did not get an RNS confirming that one or more NED’s had been taken on board, and again this only in my personal opinion but I do hope that CTW is voted to stay, he seems like a breath of fresh air….
obviously everyone has to make there own choices at this stage, but imho, things are starting to look more positive than ever and I am now looking forward to the next few weeks /months ahead …
GL all what ever your choices!
Its hard to call what will happen tomorrow regarding the share price.
Annual Results were very promising but the market wasn't expecting fundraise and we have uncertainty with Tangs attempt to remove Christian Taylor-Wilkinson
Who knows?!!
Anywhere between 1p and 10p??
:)
6p by cop tomorrow?
And this Searcher:
“Throughout the reporting period and beyond, the Company's Dhaka-based team has maintained contact with the relevant government agencies and there is credible evidence that the "new plans" cited by the Honourable Prime Minister are being framed and that such plans are addressing domestic coal extraction and exploration efforts for new gas. This is exciting news for the Company, the Project and its Shareholders and efforts are being made to ensure we are in the strongest position to engage with the newly elected government within the 1st Quarter 2024 and deliver the Project Proposal which includes a large-scale Solar Power Park as an adjunct.
The Company's relationship with its Development Partner, PowerChina, continues favourably evolve and they are now also involved in the proposed Solar Power Park via a JDA signed in January 2023.
Q1 ends in just 8 weeks time. Good luck all.👍👍
There is customarily a pathetic and noisy parade of ill-informed political and green opponents. But the advantage of the QEII centre is that they cannot get anywhere near the proceedings, nor can they block access. The odd activist token shareholder usually gets in, but their rants illustrate their ignorance and just add a spot of colour to the occasion.
This statement i like very much........
"GCM's Dhaka-based team continued to work with contacts within the government agencies to ensure the Company is in the very best position to engage with the new government once it is in place and fully functional within the 1st Quarter 2024"
As you rightly say Pappi, this was the most comprehensive and optimistic RNS that i can ever remember seeing.....
There are so many points that could be picked up in it, but the following stood out to me as really positive points.....
“GCM has patiently been working to be in the best position to present the Project Proposal to the Bangladesh Government and would welcome its participation as a partner in the Project. With the apparent move towards finally realising the potential of domestic energy resources, now that the National Election has been completed and the Awami League government returned, we are targeting Project Proposal delivery once the new government has settled in.”
"Progress during the reporting period has been impacted by the political and bureaucratic focus being distracted in the lead-up to the National Election which was held on 7 January 2024. Nevertheless, GCM's Dhaka-based team continued to work with contacts within the government agencies to ensure the Company is in the very best position to engage with the new government once it is in place and fully functional within the 1st Quarter 2024. This communication is two-way and an overview of what would be expected in the Project Proposal has been shared. Indication are the government is now expecting the Ministry of Power, Energy and Mineral Resources to deliver a "new plan" that address how the country can negate the economic stress caused by being almost totally dependent on imported energy products. It is understood this "new plan" is to prioritise both development of the country's known coal reserves and exploration in the anticipation of defining new gas reserves."