GCM Resources PLC - Phulbari coal and power project in north-west Bangladesh - Extends joint venture agreements with Power Construction Corp of China for a further two years to March 15, 2024.
In November, both companies had negotiated a partnership in developing the proposed coal mine based on a coal resource of 572 million tonnes at Phulbari in Bangladesh. These discussions covered key areas including finance, project development and mining operations.
"I am pleased that PowerChina and GCM have confirmed the agreement to extend the JV Agreements and would like to express my sincere thanks to the PowerChina team for the enthusiasm shown in our partnership to date," says Chief Executive Officer Michael Tang.
Current stock price: 5.14 pence
12-month change: down 48%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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GCM Resources (GCM)