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 Bangladesh.
Furthermore, the consultancy will contribute to advancing GCM's existing relationship with China Gezhouba Group International Engineering Co Ltd.
Under the terms of the agreement, which expires in June 2020, the consultant will have to assist the company in securing the interest of Chinese State-owned enterprises for the formation of a joint venture.
GCM will pay share-based success fees on achieving certain milestones as well as a monthly retainer fee of GBP25,000 per month payable quarterly in arrears by the issuance of new shares at 14 pence.
Shares in the miner were trading down 1.6% at 15 pence each.
GCM Resources (GCM)