GCM Resources PLC - Phulbari coal and power project in north-west Bangladesh - Has signed an extension of its memorandum of understanding with Power Construction Corp of China, which is focused on the Phulbari coal mine development by 12 months.
Under the deal, both companies will negotiate a partnership in developing the proposed coal mine based on a coal resource of 572 million tonnes at Phulbari in Bangladesh. These discussions will cover key areas including finance, project development and mining operations.
"GCM continues to work closely with PowerChina on the Phulbari Coal and Power project. PowerChina brings an incredible amount experience and credibility to the project. We are very pleased to report the extension of the MOU with PowerChina and continuing the ongoing discussions leading up to a partnership in developing the proposed coal mine, which is a pivotal aspect of the project," says Executive Chair Michael Tang.
Current stock price: 5.25 pence, up 11% on Tuesday
Year-to-date change: down 36%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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GCM Resources (GCM)