LONDON (Alliance News) - GCM Resources PLC said on Wednesday said it will not meet the target date for a formal proposal to the government of Bangladesh.
In mid-January, GCM signed a USD3.5 billion engineering, procurement, and construction contract with Power Construction Corp of China Ltd to develop a coal-fired power plant in Bangladesh.
The partners had a deadline of Thursday this week to make a formal submission to Bangladesh, but though "good" progress has been made it will not be able to meet this date.
A further announcement will be made "in due course".
GCM shares were down 4.4% Wednesday afternoon at a price of 22.70 pence each.
GCM Resources (GCM)