GCM Resources PLC - London-based mining company - Says it is in discussions with China Nonferrous Metal Industry's Foreign Engineering and Construction Co Ltd to agree a 12 month extension of the framework agreements. The extension will allow the company to continue its progress in relation to the company's 572 million tonnes high grade coal resources at the Phulbari Coal & Power Project in north-west Bangladesh, it says.
"The board of the company is confident of agreeing such extension terms, and notes the added additional procedures required to complete the extension as a result of recent and as yet unclarified guidance from the Chinese Government in regards to such agreements, and a further announcement will be made once an extension is formally entered into," it adds.
Current stock price: 6.27 pence, up 19% on Tuesday
Year-to-date change: down 26%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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GCM Resources (GCM)