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I was just looking back for my own research of PowerChina’s commitment to the Phulbari project with GCM, either through MOU’s or Contracts just to remind myself how far we have come and how close we potentially really are now to Phulbari really becoming a reality now, and just thought it may be worth sharing, there are obviously many more PC RNS’s but these are mostly just extensions to the below, and may contain slight changes to the terms, but overall I have to say, their commitment, and work done to date for this project is incredible ………..
11/03/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract
https://www.lse.co.uk/rns/GCM/phulbari-coal-mining-infrastructure-contract-se8gl4nk3mhb9ng.html
The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project").
Coal Supply Expressions of Interest:
The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.
09/01/2023
Proposed Solar Project - Joint Development Agreement
https://www.lse.co.uk/rns/GCM/proposed-solar-project-jda-sjltu9ur0aznyh9.html
GCM, POWERCHINA, and DYANI, shall:
o Participate in the Solar Project with the interests, rights and liabilities of the Parties within the Solar Project be in the following percentage proportions:
- GCM Resources plc 50 %
- PowerChina International Group Limited: 20 %
- Dyani Corporation Limited: 30 %
11/03/2022
Extension of Joint Venture Agreements with PowerChina – Energy Park
https://www.lse.co.uk/rns/GCM/extension-of-powerchina-joint-venture-agreements-v463jpaiv8ezj1d.html
GCM and PowerChina ("the Parties") foresee the Phulbari geological basin being transformed into an "Energy Park", potentially supplying large scale solar power, thermal power and high-energy thermal and metallurgical coal to Bangladesh's domestic markets.
15/10/20
Framework Agreement with NFC
https://www.lse.co.uk/rns/GCM/framework-agreement-with-nfc-on159veshapmoto.html
17/01/2019
Joint Venture Agreement with POWERCHINA
Under the terms of the JV Agreement, GCM shall be the lead party on a newly created joint venture company ("JVC") to own the Power Plant. Subject to a mutually agreed valuation of the Power Plant and investment appraisal, the Company will be entitled to an 80% interest in the Power Plant, with POWERCHINA receiving the remaining 20%
https://www.lse.co.uk/rns/GCM/further-agreements-with-powerchina-awwmec053f5x70u.html
Definitive EPC Contract
The EPC Contract awards POWERCHINA exclusive rights for engineering, procurement and construction of the Power Plant for an agreed initial cost of US$3.5 billion, subject to any adjustments in accordance with the terms of the EPC Contract. Commencement is subject to a number of preconditions, not least obtaining necessary finance and approval.
💯 % Mr Searcher!!
People should remember who this Partners / Collaborators are.
POWER CHINA have major influence in Bangladesh as Infrastructure project builder & Employer and us like proxy China State ownership business - think about $5Bn emergency loan Hasina ask China for few week ago to bail out IMF conditions.
S Alam Group is biggest private Industrual group in Bangladesh, close friend & backer of Hasina and OWNER of SSE Power - Wiki them and I dersfand why Cheaper / Reliable Domestic energy us priority to them with so many business/manufacturing interest.
POWER CHINA move from MOU to COBTRACT!
SS POWER look to buy Phulbari Coal!
Both arecabke to influence Energy policy & both are lining up with GCM for Phulbari development.
Maybe Investor who gave access to much less Intel/ Influence should think about following big money players who DO know!
🦉
50% interests in the rights to the Solar Project is great - if we see it all the way through and we’re not taken out of course.
PC control is via the backing of Xi/China and imo will not be seen dealing with a big John Laing for instance as Xi likes to pull the strings and does make things happen which is good. I am not anti China as far as their vision and hard work is concerned. GCM is the shell for PC activities, they may not be the legal owner but the contracts make GCM the vehicle for channelling the revenue their way which is how they operate. Approval has to come if Bangladesh is to benefit from China.
Yep, excellent post doze, and so true!!
Spot on Doze. Which is why I think we’ll be bought out.
I know you think that GP but I say China does not like being the junior partner and a big infrastructure player could self-fund and move ROI away from PC over time if they lose control of the boardroom. I also think Bangladesh and PC will make sure the project is demonstrably going to benefit Bangladesh so will want to exercise maximum influence over commercial terms.
ManuDave, yes it was really good to go over the PowerChina RNS's this morning and it reminds me how big this project really is and that the….
Proposed Solar Project - Joint Development Agreement, GCM will hold 50% interest
Joint Venture Agreement with POWERCHINA GCM will hold 80% interest
That is massive just in its self, and that’s without all the other parts of the project coming together,,…
I wonder if all these percentages will remain the same when/ if we get approval …
If those percentages are honoured on approval, then the figures on the multi-billion contract are absolutely staggering...
Multi, Multi bag from these levels and truly life changing for many.
Not just a ramp, FACT!
GLA
I know this is a repeat post, but thought it was reposting for those that had not seen it....
I was just looking back for my own research of PowerChina’s commitment to the Phulbari project with GCM, either through MOU’s or Contracts just to remind myself how far we have come and how close we potentially really are now to Phulbari really becoming a reality now, and just thought it may be worth sharing, there are obviously many more PC RNS’s but these are mostly just extensions to the below, and may contain slight changes to the terms, but overall I have to say, their commitment, and work done to date for this project is incredible ………..
11/03/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract
https://www.lse.co.uk/rns/GCM/phulbari-coal-mining-infrastructure-contract-se8gl4nk3mhb9ng.html
The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project").
Coal Supply Expressions of Interest:
The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.
09/01/2023
Proposed Solar Project - Joint Development Agreement
https://www.lse.co.uk/rns/GCM/proposed-solar-project-jda-sjltu9ur0aznyh9.html
GCM, POWERCHINA, and DYANI, shall:
o Participate in the Solar Project with the interests, rights and liabilities of the Parties within the Solar Project be in the following percentage proportions:
- GCM Resources plc 50 %
- PowerChina International Group Limited: 20 %
- Dyani Corporation Limited: 30 %
11/03/2022
Extension of Joint Venture Agreements with PowerChina – Energy Park
https://www.lse.co.uk/rns/GCM/extension-of-powerchina-joint-venture-agreements-v463jpaiv8ezj1d.html
GCM and PowerChina ("the Parties") foresee the Phulbari geological basin being transformed into an "Energy Park", potentially supplying large scale solar power, thermal power and high-energy thermal and metallurgical coal to Bangladesh's domestic markets.
15/10/20
Framework Agreement with NFC
https://www.lse.co.uk/rns/GCM/framework-agreement-with-nfc-on159veshapmoto.html
17/01/2019
Joint Venture Agreement with POWERCHINA
Under the terms of the JV Agreement, GCM shall be the lead party on a newly created joint venture company ("JVC") to own the Power Plant. Subject to a mutually agreed valuation of the Power Plant and investment appraisal, the Company will be entitled to an 80% interest in the Power Plant, with POWERCHINA receiving the remaining 20%
https://www.lse.co.uk/rns/GCM/further-agreements-with-powerchina-awwmec053f5x70u.html
Definitive EPC Contract
The EPC Contract awards POWERCHINA exclusive rights for engineering, procurement and construction of the Power Plant for an agreed initial cost of US$3.5 billion, subject to any adjustments in accordance with the terms of the EPC Contract. Commencement is subject to a number of preconditions, not least obtaining necessary finance and approval.
It was really good to go over the PowerChina RNS's this morning and it reminds me how big this project really is and that the….
Proposed Solar Project - Joint Development Agreement, GCM will hold 50% interest
Joint Venture Agreement with POWERCHINA GCM will hold 80% interest
That is massive just in its self, and that’s without all the other parts of the project coming together,,…
I wonder if all these percentages will remain the same when/ if we get approval …