GCM Resources and China Gezhouba Engineering to work closer

(ShareCast News) - Resource exploration and development company GCM Resources announced on Friday that a memorandum of understanding has been agreed with China Gezhouba Group International Engineering Company.The AIM-traded firm said the MoU provides for the parties to engage and mutually investigate the feasibility of a joint venture with respect to the development of mine-mouth coal fired power plants generating up to 2,000MW in total at the Phulbari Coal and Power Project site.CGGCINTL is a subsidiary of China Gezhouba Group Corporation, GCM's board said, which in turn is a core member of China Energy Engineering Group Company, a super central state-owned enterprise of the People's Republic of China.CGGC's businesses cover the design, construction, investment and operation in power, water conservancy, highways, railways, bridges, municipal works, airports, ports, waterways, industrial and civil buildings, as well as real estate and coal mining amongst others."We are delighted to have established this relationship with China Gezhouba Group International Engineering Co. Ltd, one of the largest and most respected engineering companies in the region and look forward to working with them for the mutual benefit of both parties," said GCM executive chairman Datuk Michael Tang.