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I bet GCM are heartbroken for the share holders.
Ha ha ha
#Naive
The Company remains grateful for the ongoing support of its shareholders, stakeholders and staff.
We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.
A nice piece to add at the End. He knows shareholders have waited a very long time for this project to happen and here he is literally saying hold on we're almost there and everyone will be rewarded massively for thier patience
There’s the shake 8p to sell
Market with focus on ‘placing’ and uncertainty based on ‘going concern’ comment and will shake it first thing…but will you be able to buy?
"it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit, and move Bangladesh away from its exposure the long-term vagaries of the international energy market". …
but of course, obviously the shorters will focus on placing that we all knew was coming, from a very little research, and were assured at the AGM that they had already got people who wanted to be involved
Liked it too with the caveat that the placing when it comes isn't at too great a discount.
Well I liked what Ive read ...lets hope for another day like yesterday , to go into Easter break 👍
Looking to bring Government onboard as a partner; could this be the source of funding GCM require,
GCM is closely monitoring the situation and is looking forward to holding discussions with the Government and working through its Phulbari Coal and Power Project ("the Project") Proposal, including the modality for state participation as a partner in the Project.
Working under this MOU, it was announced on 11th March 2024 that GCM and PowerChina had signed an EPC Contract for "Phulbari Coal Mining Infrastructure Construction and Overburden Stripping" which covers mine development works with a value of approximately US$1 billion, necessary to position the mine to commence coal extraction.
The scope of works includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden such as China clay, silica sands, and aggregates for the construction industry. These co-products are expected to deliver cashflow for the Project ahead of any coal extraction.
The "Notice to Proceed" with the extensive works under this Contract is dependent on receiving the necessary approvals from the Bangladesh Government and financial closure. PowerChina has previously expressed its commitment to assist with project financing. The Contract duration is four years and overburden removal to expose first coal is expected to take approximately two years.
GCM and PowerChina will continue to work together under the MOU to formulate additional contracts covering coal extraction and associated activities to achieve our aim of delivering high quality coal supporting at least 6,600MW power generation for over 30 years
I would say that was a rather detailed update from the firm! Loads of positives.
Perhaps an earlier placing than expected though ‘in the coming weeks’
We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve
We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.
Results out.