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News TODAY!
"Bangladesh to seek over 36Bn yuan in Chinese loans - Bangladesh will seek a loan of more than 36 BILLION yuan, equivalent to 5 Billion dollars, from China to reduce pressure on its dollar reserves."
"Sources in the Ministry of Finance and Commerce said the Prime Minister's Office has already given the approval"
Re: IMF Meeting - "Foreign reserve could not be maintained. To get the third tranche of the loan the IMF had a condition to preserve net reserves of $19.26Bn at end of March and $20.1Bn by the end of June. Currently the net reserve of Bangladesh is about $15Bn"
Source: BBC Bangla (bbc.com/Bengali/articles/cp0gpg53d8jo)
Bangladesh in serious trouble - running to China for help - Conditions / Way out will need to be presented!
Phulbari - GO!
Thats a really good find wise owl! very significant
Great find Owl. As was mentioned a while back, even giving Phulbari approval would not help Bangla out with their current FX issue, looks like this news sorts that out. 👍👍
Lets hope they dont just blow the lot on imported coal lol!
Leverage enough for GL?????
We'll make the loan if you sign off on some large infrastructure projects with Chinese companies...........
BOOOOOOOM!
Up over +7.00% on Google finance with Buys coming back in. Think lot of sideline traders maybe understanding implications of Intel.
Let us see but VERY positive development with Prime Minister hands to Chinese in middle of worsening FX catastrophe.
They will have to import coal for the next 2 to 3 years, even with GL.👍👍
It went from pretty nailed on now to a guaranteed GL. Have the Chinese agreed? They usually do as it gives control. Control for what? 😙😁🥳
Nice call Wos. Good to make it an UP day
Cheers mate
China have been providing Bangladesh with millions and billions of pounds of loans at extortionate rates for many years now sinking Bangladesh into more debt so it’s nothing new.
Not meeting targets set by the IMF isn’t something to be proud off, and hence why they need a bail out!
Poorly run country by the government in charge and corruption is rife!
China has been eyeing up Bangladesh for a number of years. The Chinese economy is running into problems as its cost base is getting higher, particularly for labour. They are considering moving production to cheaper cost base economies, especially for industries that cannot be automated. In order for this production to be efficiently transferred they need Bangladesh to have a more reliable energy source. If they help Bangladesh secure more reliable energy supplies it will be mutually beneficial to both countries. This need for a lower cost base is a world wide phenomenon, for example Young's seafood finds it cost effective to send Wild caught prawns to Thailand for de-shelling then bring them back for distribution into Britain/Europe. I think that by 2040, or so, Bangladesh will have a thriving economy, especially if the energy and corruption problems can be reigned in. Although this will mean that China will potentially have Bangladesh over a barrel which is why they need a modern government system where corruption is substantially reduced to a much lower level All IMHO!
We could be bought by the Chinese in an instant.
Just do it!! 🇨🇳
GP that is my worry tbh.
Most likely wouldn’t be the best outcome for shareholders but at least it would be a swift bullet to the head and we can all move on with our lives with a few extra quid haha
IF they offered £300m for the licence I doubt many shareholders would decline, maybe thats what the delay is?
I would gladly take 80-100 pence per share.
That’s the Chinese getting a good deal as well.
However, all speculation imho.
Pappi, as long as the £300mn went directly to all shareholders and somehow didn’t get diluted ahem then I would take it. A bird in the hand and all that!!
Agreed and if there was a royalty of $x per tonne extracted going forward it would be an added sweetener.
I like the sound of that too.
Keep the company going with a guaranteed dividend.
I'd prefer a straight £5.00 :)
80 - 100p and out - I think that is the sentiment of many shareholders. Tired of incompetent, corrupt leadership and three years at least before we are extracting the coal, a fair offer around 100p would see most heading for the door. Our biggest challenge is the 'double-act' in Dhaka, they seem unable to do anything constructive, just borrow more money, run up more debt and tell everyone . Yeah, it's all fine, we've got a grip on the situation, where do we sign.'.....
Yes £1 a share would be great outcome from the current share price of 6p.
I think most from the 2p to 7p range would gladly accept as low as 50p. Even £1 share £273m would be getting GCM on the cheap.
But I don't see Tang selling out at any price. He's here for the end game with him front and centre of the whole operation. He's seeking the power industry status and is not selling out on the cheap.