GCM Resources PLC - London-based mining and energy company - In talks to extend joint venture agreements with Power Construction Corp of China by 12 months. The two deals are set to expire on January 17 and March 15. GCM confident of agreeing the 12-month extension.
"Entering into formal extensions to the first JV agreement and second JV agreement would allow the company to continue its progress for the development of 4 1,000 megawatt coal-fired power plant project at the project site. The power plant proposed with PowerChina is part of the company's broader strategy to generate 6,000MW of low-cost electricity for the Bangladesh market utilising domestic coal," GCM adds.
Current stock price: 10.65 pence
Year-to-date change: up 29%
By Paul McGowan; paulmcgowan@alliancenews.com
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GCM Resources (GCM)