Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Nasrul Hamid, Chinese envoy pledge enhanced cooperation in Bangladesh's power sector.
Welcoming the newly appointed Chinese envoy, Nasrul Hamid said, "China is a tested friend of Bangladesh. Chinese companies are making significant contributions to our energy sector. We wish for a growing and enhanced cooperation from China."
He noted that an estimated $30 billion investment will be required for Bangladesh's energy and power sectors in the next five years.
"There is a huge scope for investment in this sector," the state minister said, suggesting the formation of a specialised team to work on increasing investment opportunity
https://www.google.com/amp/s/www.tbsnews.net/bangladesh/energy/nasrul-hamid-chinese-envoy-pledge-enhanced-cooperation-bangladeshs-power-sector%3famp
The question was asked about what approval would look like, Gary responded with some history which included that back in 2006 the mine was so attractive it became coveted and political, then there was a coup and a caretaker government which meant nothing could happen. We are in the regulatory process, he raised the point what does approval actually mean, it doesn’t have to have someone to get up and approve it, it just needed someone to say make sure the regulatory process started again properly and that’s where we are now. The SOD (Scheme of Development) is what covers the mine, that is paramount, all the work has been done on that, everything else re power stations, infrastructure will follow on from that.
My read of that was the political impediment has seemingly been removed and it is now being processed, anyone else who was there care to comment, again IMHO only
Looks like another good volume day with 3.3 Million already traded and feels like we have finally broken 4p again... on wards and upwards now hopefully.. ;)
Really looking forward to see the trading when we get the RNS hopefully confirming all the new NED's and Non Exec Chairman's positions .....
Small taste of what’s to come when big money arrives here, which it will. Hardly letting anyone in when it moves up so imagine the scramble then, accumulate at the lows, confirmation of NED’s should arrive this week followed by wind of proposal to govt this month! Could be a transformational month for us boys!! GLA
I can’t believe we’ve been here so long that breaching 4p has become exciting lol
Morning. It seems a long recovery time, since celebrating the AGM. I can speak on behalf of both Uncle Bob and I, to say it was a pleasure to meet Searcher Et al. Just catching up with news here, and good to see the s.p. on the up. Hopefully, we can meet again soon, and raise that glass with Gary.
Lurker here, just wanted to say thanks for the first hand AGM reports. Appreciated & refreshing to hear after so long.
Glad its also confirmed I'm on the GCM BB,started thinking it was the MATD board 🤣
Searcher for NED position, that's what I say :)
Thanks to everyone for valuable contributions here
Gla.
Looks like a perfect storm, and is really starting to look like this really could all be coming together …. Bara running at a huge loss and due to close / run out of coal through underground mining method by 2027, but the power plant will still need coal supplied to keep running … Just in time Phulbari starts open pit mining and steps in with that coal supply!!!
Petrobangla incurs huge losses
“And operating profit of Barapukuria coal mine has decreased by 196 percent. This information is known from the monthly report of Petrobangla.
Those concerned said that foreign dependence is increasing in the energy sector.”
https://dailyindustry.news/petrobangla-incurs-huge-losses-in-dealing-gas/
Our Datuk in Malaysia, the CEO Tang dealt with the same situation in Malaya.
https://www.globaltimes.cn/page/202308/1296480.shtml
Further comments from Gary around Phulbari and Bara were that there was potential when Phulbari is mined to back pedal onto Bara, also that 90% of big projects in BD are funded and implemented by Chinese companies, that Power China is primarily a construction Company and most of it’s projects in Bangladesh are would be considered government to government and that it is fundamentally a Government entity, They have the ability and power to fund huge projects, in this case they are interested not just in building a power station but also the mine development and infrastructure needed to service ii. The mine is the most important element and the infrastructure second and PC is used to doing these sort of projects, On the Power side after building the power station he said they would be supplying the cheapest electricity in the country due to lack of transport of the mines coal to that plant.
He also mentioned that Hasina herself late last year had made statements in the media asking for new strategies including for coal and gas his comment was ‘persistence will overcome resistance’
So following on from GrimUpNorthNE’s post yesterday about Bara and their coal and licence running out in 2027, it does mean that if we were given the go ahead to open pit mine at Phulbari shortly, we could just about be up and running to supply coal in time for when they stop underground mining due to running out of coal using the underground method. As I understand it, open pit mining would start at the northern end of Phulbari and then in time both the Phulbari and Bara coal seams would join via open pit mining method, which means both areas would then use the highest percentage of coal possible of up to 70 to 90% whereas underground mining is only about 30 to 50%, so it would be the most efficient way possible of extracting their own resources of coal from both areas .
See the link below from 6th June 2023
A coal mine hardly exploited and then what?
But the plant officials are not sure about the guaranteed supply from nearby Barapukuria coal mine beyond 2027 when the existing approval of mining will expire.
Authorities, however, have said exploring more coal from the local quarry is not in their mind now.
Mohammad Hossain, director general of the Power Cell, a policy-making wing of the Power Division, stated that they are not currently considering this matter.
The future operation of the power plant, however, seems uncertain as the mining company practically has no approved plan for coal production after 2027.
Besides, the mine's central part, which has been supplying coal since 2005, will run out of the reserve within the next four years, said officials concerned.
He stated that the coal mine authorities cannot guarantee coal supply after 2027.
Exploring alternative coal mining options
"We have two coal mines near the existing one – Phulbari and Dighipara coalfields in Nawabganj -- as options in our planning. We can proceed with one of these if we get approval from the highest level, though these mines are at very preliminary stages," he said.
https://www.tbsnews.net/bangladesh/energy/coal-mine-hardly-utilised-and-then-what-656878
Well as we know, Phulbari is the only mining area that is ready to go, with all feasibility studies, including resettlement areas agreed and discussed with the people of Phulbari, so realistically if the government of Bangladesh are going to use their own resources, Phulbari is the only mine that can start mining quick enough to meet their requirements! Imo of course …
More to follow on this from AGM notes
Many thanks to Searcher , redeyemines and all others for there excellent reporting of the AGM and also their continuing contribution to the board .
In all my years in GCM I honestly have never felt more confident of the green light , I think the reason the proposal hasn’t been put in till now is Gary and co believed the answer would be a NO. The landscape has changed in Bangladesh and they simply have no other option but to use their own coal . Congratulations to the board it looks like you’ve played a blinder I’m looking forward to watching the confidence returning and the share price re rating over next few weeks . Congratulations to all LTH looks like there is life in the old dog yet
Yes all this positive information bodes well for next and beyond!
Thanks for that Pappi..... Then energy minister formed a focus group that came to the conclusion that Phulbari was the only answer, and that group will have now reported that directly to Hasina.
... BUY
Thank you Pappiklon and Searcher for telling us about the happenings of the AGM. Very helpful!
Bangladesh Power Development Board (BPDB)s generation plan is likely to face catastrophe if Petrobangla, the state owned oil and gas corporation, fail to ensure gas-LNG-coal and liquid fuel supply to power plants.
"We are ready to supply 17,000 MW of electricity from March, there is a shortfall in the supply of coal, liquefied natural gas (LNG) and fuel oil (diesel, furnace oil) for power production, we want supply gurantee from Petrobangla " last week the BPDB told in a presentation in a coordination meeting at the Ministry of Power, Energy and Mineral Resources chaired by the State Minister Nasrul Hamid.
He said the capacity of coal fired power plant is 2,692 MW. However, coal is also an imported item, due to dollar crisis Payra and Rampal power plants failed to run full swing last year.
https://www.observerbd.com/news.php?id=462534
Hi Pappi, good to see you at the meeting and thanks for adding that info mate, I totally forgot to mention that part of the AGM, (must be old age lol), but obviously that could actually turn out to be one of the most important statements and bits of information that Gary gave us through the whole AGM!!
I should have also said that it was great to meet some of the other shareholders at the meeting and finally put a face to the name lol, hopefully we will be doing the same again very soon, but as Gary said at the end of the meeting, next time with champagne rather than coffee and tea lol ….
Thanks Searcher for writing up such a detailed report which reflects the discussions from the AGM.
Is Tang in Bangla atm as the prospective NED might be meeting some of the players over there. It seems a proactive journey to make.
Thanks Searcher for a very accurate and concise report. It was good to see you and some of the other shareholders and contributors to this board there too. I have been to many GCM AGM’s and this was by far the most vibrant, informative and open one of them all.
I did pick up what I considered a significant bit from Gary in response to a question of ‘what is different this time’ from another poster on LSE, Gary’s response was that in the latter part of last year as Industry slowed down due to power shortages and society was up in arms about lack of power due to huge outstanding import bills with inflation rampant, currency devaluation and dwindling forex and an inability to pay, that within high level government ministries there has been a huge focus on pushing down on the Energy Ministry to change direction into exploration of the countrys’ own coal and that they have to rapidly change direction.
He also stated that GCM had picked up on the fact that the Energy Minister himself had formed a focus group, within the Energy Ministry, to put together materials for consideration to develop the coal sector including Phulbari, and that the Energy Minister had commented on it being the only practical solution at this time
That's a very level headed report, on what was obviously a very in depth, busy, day, --so thank you Searcher.
-Without getting over excited, you have kept the rose tinted glasses in the case, and not got carried away, but have still managed to convey the overwhelmingly positive feeling being given out at the meeting.
-All the questions were asked, and replied to as best they could, or was prudent to do, and even though the obvious " when will we present" could not be answered, the reply given was good enough, ---made sense,---and was still very positive.
-The main point for me was the energy meeting that Gary talked about, which occurred on Thursday.---.
-In all the time I have been invested here, all we ever got was a comment or report from some junior minister or the other,.--Never was anything directly attributed to Hasina herself----but this could be different.
-Now we hear, that probably for the very first time, she has attended a meeting about "future energy needs" and not left it to her ministers, and it's an absolute certainty that Phulbari would have been discussed.
-No matter how "secret" they may have tried to keep that meeting, it will leak out, and the trading volumes should give us a good idea of what has been agreed.
-With everything coming together in a perfect storm for Bangladesh, it really does feel that it is now or never.----
-Lets hope that after all these years, and with a complete new term of government in front of her, that Hasina will finally bite the bullet, and do a U Turn.
-All eyes on the Bangla press, ---and watch the trading for any sign of Asian buying.
-GLA
28 Feb 2024 15:39 EST
author-image
BNN Correspondents
Follow Us
GCM Resources PLC Eyes New Leadership: Non-Executive Chair and Director Roles in Play
GCM Resources PLC Eyes New Leadership: Non-Executive Chair and Director Roles in Play
Following a significant departure within its ranks, GCM Resources PLC, a prominent player in the mining and energy sector based in London, is on the hunt for new leadership. The company has recently announced its intention to fill the now-vacant position of non-executive chair, alongside an additional role for a non-executive director. This move comes after the resignation of its previous chair, signaling a pivotal moment for the organization as it navigates through this transitional phase.
Scouting for New Leadership
In the wake of the resignation, GCM Resources has wasted no time in identifying suitable candidates to take on the mantle of leadership. The process involves a meticulous selection procedure, with the company currently engaged in conducting due diligence checks on potential replacements. This critical step underscores GCM's commitment to ensuring that its future leaders not only align with the company's strategic vision but also possess the requisite expertise and integrity to steer the organization towards sustained growth.
Due Diligence and Strategic Considerations
The due diligence phase is crucial for GCM Resources, as it seeks to fortify its governance structure and operational efficiency. By carefully vetting candidates, the company aims to uphold the highest standards of corporate governance, a move that is likely to resonate well with stakeholders. Furthermore, this process reflects GCM's strategic approach to leadership transitions, emphasizing the importance of continuity and stability in leadership roles. The company's proactive stance in identifying and evaluating potential leaders is indicative of its resilience and adaptability in times of change.
Implications and Expectations
The impending announcement of the new non-executive chair and director is highly anticipated, with the broader implications for GCM Resources and its stakeholders being a subject of considerable interest. This leadership transition presents both challenges and opportunities for the company, as it seeks to reinforce its market position and navigate the complexities of the mining and energy sectors. The introduction of new perspectives and leadership styles could potentially catalyze innovative strategies and drive further growth. As GCM Resources stands at this crossroads, the decisions made in the coming weeks will undoubtedly shape the trajectory of the company's future.
As GCM Resources PLC gears up to unveil its new non-executive chair and director, the industry and stakeholders alike await with bated breath. This leadership overhaul marks a new chapter for the company, promising fresh insights and renewed vigor in its pursuit of excellence. With the due diligence process in full
Awww, thank you Searcher for your time in writing this detailed report. I really wanted to attend the meeting but for personal issues , couldn’t attend . I am just so excited! I too like other long term shareholders have been waiting for this moment and it seems we are very near now!
Keith is certainly a very humble and honest person . Would’ve really liked to have met you all.
Sorry to see Christian go as he certainly has the best intention for our company .
Looking forward to the next few weeks !!
Searcher, thank you very much for your update, it really is appreciated. It all sounds very positive and I believe that there will be positive news sooner rather than later, hopefully this month. Thanks again buddy.👍👍👍👍👍