Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
China-financed coal plants in Bosnia and Herzegovina continue to thrive despite President Xi Jinping's promise to the United Nations General Assembly this September that it would no longer fund the construction of new coal-fired power plants overseas.
https://www.google.com/amp/s/www.aninews.in/news/world/asia/china-continues-to-finance-coal-plants-in-europe-violating-its-promises-on-climate-change-in-the-un20211218132805%3famp=1
GCM Resources plc (LON:GCM), an AIM quoted mining and energy company, announces the resignation of James Hobson from his position as an Independent Non-Executive Director. James re-joined the Company in January 2021, having previously served the Company for thirteen years in an executive capacity. The Board would like to take this opportunity to thank James for his services during the current year, and to wish him success in his new full time appointment. Mr Hobson's resignation takes effect from 1 December 2021. The Company is currently in the process of recruiting a replacement Independent Non-Executive director.
GCM Resources plc
("GCM" or the "Company")
Framework Agreement Update
GCM Resources plc (LON:GCM), an AIM quoted mining and energy company, is pleased to announce that it is in discussions with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. ("NFC") to agree a 12 month extension of the framework agreements announced on 15 October 2020 which expired on 12 October 2021.
Entering into formal extensions to the Framework Agreement would allow the Company to continue its progress in relation to the Company's world class 572 million tonnes (JORC 2004 compliant) high grade coal resources at the Phulbari Coal and Power Project in North-West Bangladesh (the "Project") (the "Framework Agreement").
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.
The CEO of GCM, Datuk Michael Tang PJN, stated:
"I am pleased that NFC and GCM have engaged in discussions to extend the Framework Agreement and would like to express my sincere thanks to the NFC team for the enthusiasm shown in our partnership to date."
From the interim results
A significant step in the reporting period was the signing of a Framework Agreement ("the Agreement") with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. ("NFC") on 12 October 2020. This occurred after a lengthy period of Due Diligence undertaken by NFC on the Phulbari coal mine's mine plan and feasibility study. We are very pleased to have NPC as our mine development partner and we are working with them to finalise arrangements as set out in the Agreement.
So did the Framework Agreement expire 2 days ago?
Coal futures soared to fresh record highs of $269.5 per metric ton for a 7th consecutive session on Wednesday, extending the year-to-date gain to more than 200%, amid an ongoing energy crisis due to tight supply and rising demand
Interesting article
https://www.eenews.net/articles/what-chinas-coal-phaseout-means-for-the-world/
Chinese President's address to the United Nations General Assembly
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, has noted and reviewed the Chinese President's address to the United Nations General Assembly, with particular attention to the comments regarding Developing Nations and Climate Change, and provide the following context statement in relation to the Phulbari Coal and Power Project.
GCM note that the President stated that as the world emerged from this pandemic, efforts to revitalise economies would also include the pursuit of "greener", more balanced development and a need for inclusive growth. In this regard he stated China would step up efforts to assist Developing Countries access "green" and "low carbon" energy, and that China would not build new coal-fired power projects abroad.
It is noted that no further details were provided, there has been no immediate change in China's policy and the impact on China's future financing of coal-fired power projects would not really be understood until a policy is framed and it is seen how that policy is implemented.
GCM remain committed to delivering the Phulbari Coal and Power Project in a form that fits in with the Bangladesh Government's Energy and Power Sector development ambitions. Paramount to the Project's success is the Phulbari coal mine that can support over 6,000MW of power for some 30 years.
The Bangladesh Government has indicated coal-fired power will remain significant in its strategic energy mix for several decades. Whilst the option remains to install power plants at the Phulbari coal mine site, there is also the potential to supply coal to the country's already commissioned and under construction coal-fired plants. In this scenario, Greenhouse Gas emissions from shipping that quantity of coal to Bangladesh would be eliminated. Extraction of that coal at Phulbari may also take advantage of developments in "zero emission" mining equipment and the real possibility of powering that equipment with solar power installed within the project area. The project site could support the installation of solar panels for grid connection as well.
Michael Tang, CEO of GCM, commented: "We remain committed to delivering the Phulbari Coal and Power Project to meet the Bangladesh Government's requirements. We are conscious of the need to balance social and economic development with Climate Change actions and have taken steps to ensure we can both deliver high quality coal to support power generation and also assist the Bangladesh Government meet its Greenhouse Gas Emission and Renewable Energy Targets.
https://www.morningstar.co.uk/uk/news/AN_1632510952744901000/in-brief-amte-power-appoints-james-hobson-as-finance-head.aspx
Looks like James hobson has already left the building
Bank of China Ltd on Friday said it would no longer provide financing for new coal mining and coal power projects outside China, as well as in Hong Kong, Macau and Taiwan, from the fourth quarter of this year.
The announcement from the state-run lender, which *excludes projects* that have already been signed off on, follows President Xi Jinping's pledge on Tuesday