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Pin to quick picksGCM Resources Share News (GCM)

Share Price Information for GCM Resources (GCM)

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Share Price: 6.625
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GCM Resources lands second JV with PowerChina

Fri, 15th Mar 2019 11:35

(Sharecast News) - GCM Resources agreed a second joint venture agreement with Power Construction Corporation of China (PowerChina) for the development of an additional coal-fired power plant at the site of the company's proposed coal mine in North-West Bangladesh.This second JV agreement for an additional 2Ã?1,000MW plant is in addition to an agreement for an initial plant that was signed in January and will entitle the AIM traded company to an 80% interest in the additional plant, with PowerChina receiving the remaining 20%.Datuk Michael Tang, executive chairman of GCM, said: "I am delighted that the second the JV agreement has now been completed and would like to express my sincere gratitude to the PowerChina team for their support and demonstration of commitment to the company's integrated mine and power plant project. By finalising this second JV agreement, we are now at a stage where partners have been found for all of the proposed power plants of 6,000MW in total."Tang added that he anticipated that the proposals for the plant will shortly be submitted to the Bangladeshi government.Both parties will assist in obtaining financing, while GCM will be responsible for obtaining the necessary government approvals and facilitate preparation of the environmental impact assessment.Meanwhile, PowerChina will be responsible for conducting a feasibility study and facilitate the inclusion of the project as part of the Chinese government's controversial 'One Belt, One Road' initiative, which aims to bolster Chinese international trade links through investment in foreign projects involved in areas such as infrastructure, science and education.Mr. Pan Dengyu, vice president of PowerChina Eurasia, said: "PowerChina is delighted to have signed the second JV agreement and look forward to assisting GCM in delivering the integrated mine and power plant that is beneficial and acceptable to the Government of Bangladesh."GCM Resources' shares were up 14.29% at 28.00p at 1241 GMT.
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27 Feb 2019 14:18

GCM Resources Fails To Meet Deadline For Bangladesh Submission

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21 Jan 2019 12:14

GCM Resources Identifies Replacement For Nominated Adviser

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3 Dec 2018 10:17

GCM Resources Issues 100,000 Shares To Resigning Non-Exec Director (ALLISS)

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30 Nov 2018 16:56

GCM Resources Extends Loan With Polo Resources As Annual Loss Deepens (ALLISS)

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27 Nov 2018 10:59

GCM Resources Signs Deal With PowerChina To Develop Mine In Bangladesh

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6 Nov 2018 10:28

GCM Resources Receives Study For Phulbari Power Plants In Bangladesh

LONDON (Alliance News) - GCM Resources PLC said Tuesday it received a prefeasibility study for mine-mouth coal-fired power plants at the Phulbari coal & power project in Bangladesh.The

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26 Oct 2018 12:43

GCM enlists consultancy to find Chinese partners for Bangladesh project

(Sharecast News) - Coal miner GCM Resources on Friday entered into a new consulting agreement with Dyani Corporation Limited to aid relations with Chinese companies.

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26 Oct 2018 11:15

GCM Inks Consulting Pact To Secure Partners For Phulbari Project

LONDON (Alliance News) - GCM Resources PLC said Friday it entered into a consulting agreement with Dyani Corp Ltd to secure Chinese strategic partners for the Phulbari power & coal project in

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11 Sep 2018 12:22

GCM Appoints Sinohydro To Undertake Prefeasibility Study At Phulbari

LONDON (Alliance News) - GCM Resources PLC on Tuesday said engineering construction firm Sinohydro Corp Ltd will undertake a prefeasibility study on mine-mouth coal fired power plants at the coal

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22 Mar 2018 17:11

GCM Resources Shares Fall As Pre-Production Costs Widens Interim Loss

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GCM Resources widens losses in another year of nil revenue

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GCM Resources Annual Loss Widens; Confident On Phulbari Project

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GCM Resources and China Gezhouba Engineering to work closer

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27 Sep 2016 15:22

GCM Resources puts press speculation to bed

(ShareCast News) - London-based resource exploration and development company GCM Resources updated the market on Tuesday, after its press speculation announcement on 23 September. The AIM-traded firm said its investigation found that press speculation in the Bangladesh media of an alleged decision b

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