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As a long term holder here …. These last few months has been dragging !
All the fears around tang and delisting gone
All the positive press and RNSs and AGM feedback…. The disastrous state of Bangladeshi economy … what on earth is delaying this now ?
Through all the bickering on this forum … we all
Agree it’s gonna happen… but what is causing the delay ? The sooner the green light …. The sooner they can start digging !!!!
Patience my fellow holder.
All coming together now.
What happens in situations like these is folk who are sitting on the fence for a lower sp from here may be chasing 50-100% of current price should there be any form of news of Phulbari go ahead. Any inclination from the news or media sources of Gov't going ahead will likely result in suspension and a booming re-rate or open at 50% and a quick re-rate.
Best to check in periodically but not get to concerned about day to day sp movements. When this happens - smal 5-10p sp flux won't matter.
I totally agree … the day to day SP doesn’t bother me… nor does the posting on here.
Once we go through the NEDs and finding I have total confidence this is going to happen , as a long term holder i have also used to this time to average down by a significant number. Good to luck to the traders here, and fair play …. I don’t have the nerve to trade this lol
It’s just the waiting now ….
Sharebare2, I know it’s frustrating and its sometimes easy to forget how far we have come, but I don’t actually think that it has been delayed, and the only real reason (imo) that we are at the SP we are is due to the subscription, but….
• In the End of Year report, it was said that GCM will begin discussions with the new government once settled in and gave a timeframe of April 2024 to begin these discussions,
• Nasrul Hamid – the Energy Minister, said that he would be putting a presentation / proposal together to mine not only Phulbari, but other coal mines in Bangladesh to put forward to PM Hasina in April 2024
• We have had power China, change from a MOU, to a 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 if approval is given.
Also there is a massive amount of work to be agreed behind the scenes by all parties … again, just from the End of Year report the below gives us an idea of the work that has been and is being done to achieve the green light for Phulbari …..
• Power Company – JV with Power China
• Coal Trasport JV Company
• Industrial Mineral Co-Product JV Company
• We know that the Company's "Feasibility Study and Scheme of Development" for the coal mine component of the Project is pending approval from the Bureau of Mineral Development (an entity under the Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources).
• We know that the Bangla elections delayed things, but 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.
• 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.
There is obviously loads more I could add, but in summary, a proposal and presentation was being worked on in the 1st quarter of 2024 by GCM, Nasrul Hamid, Power China and others, to put the proposal forward to PM Hasina to formally agree.
Again, as I have said before, I honestly do not believe that all the above work would have been completed by such high profile companies / people if they did not already know or believe that they would be given the go ahead ,…..
Sharebare2, sorry for the long post, i got carried away hahahahahahaha
Brilliant summary searcher. Your first recommend was by me.
Ta.
Second recommend by me, Searcher.
Searcher, you have missed out an n in the word transport
KC, pmsl…. thanks for pointing that out mate, I knew I should have done a spell check 🤣🤣🤣🤣😂
Reminds me of days gone bye😉
“Searcher, you have missed out an n in the word transport”
Pmsl
I knew you would post something good eventually Cloughie!😂😂😂
Great post Searcher - I ticked you up for the first time in 15 years for that one…..😆
They want to give the go-ahead as a part solution to their problems but as I see it that was when the serious work began.
Liaise with Xi in China, liaise maybe with Modi re river transport, liaise with coal fired power stations and LNG users (capacity charges continuing), liaise over annual budget with Abul Hassan Mahmood Ali. Nasrul I take to be on board .
What about the eco lobby, I found this good research; https://www.sciencedirect.com/science/article/pii/S1045235415000167
Moreover, the capitalist system contributes to the environmental stresses experienced by the vulnerable in locations such as Bangladesh. Capitalism's ‘spatial fixes’ have reduced the high level of environmental pollution that was previously experienced in the developed countries and has exported it to developing nations. The industrialization apparent in developing countries tends to be through those industries that are dirty and pollute. This is most obviously reflected in the export-oriented ship-breaking, textile, leather and tannery industries that are so central to Bangladesh's economic progress."
"As we noted earlier, however, even Foster et al. (2010, p. 71) perceive a role for ‘green accounting systems’ that can bring out the ‘irrationality of the system’. As such “new green accounting systems” could play a critical role in highlighting capitalism's contradictions and contributions to environmental degradation and the ecological rift, which may, in Foster et al.’s (2010) terms, allow a social and cultural revolution to “transcend the system.” We are convinced that environmental accountability is essential if the contradictions and irrationalities of the capitalist system are to be made visible. Such accountability must include the voices of the vulnerable, particularly those on the periphery of capitalism (the Global South), if they are to help challenge those with the economic power at the centre. In this way it may be possible to challenge the orthodox capitalist economics that has created human vulnerability and ‘ecological rifts’."
https://www.sciencedirect.com/science/article/pii/S1045235415000167
Phulbari on balance must not (and I don't think will) make pollution worse.
Excellent summary Searcher and as always thank you for your continued quality research here !
As I said I agree… the coal from Phulbari will be mined and we are sooo close.
Ive stayed off these boards after we got the funding cleared which keeps us going for 18 months…. Hopefully we won’t be waiting much longer now !
I’ll log off this board now and check back in next week … maybe even a cheeky top up tomorrow after searchers post :)
GLA long term holders …. We deserve this !
Evening Mud, newbeginnings to you
Good to see Cloughie still running a tight ship. 👍
Very subtle King Clough lol
Standards have to be maintained Mr Mankini
Evening gentlemen.
Subtle as a brick Cloughie 🤣🤣
Are we there yet??