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Ignore the ghouls.
Lots of buying since last Wednesday. Big position taken. Buying slowed but hardly any sells. Even today more buys than sells.
Still plus 60% up on the 3.7p of last week. MMs manipulating the price down hoping to panic sellers. Doesn't seem to be working as not the usual deluge of sells.
Buyer probably bought for the same reason as those that invested £2m in January. GCM is on the brink.of success.
GCM is in ongoing talks with the Bangladesh govt. Bangladesh is in an energy crisis. Bangladesh is in a Forex crisis. Bangladesh cannot afford to import fuel. Bangladesh needs to dig its own coal. GCM and Powerchina have the solution.
Several off book trades done yesterday at way below the bid to drop the SP. I was quoted 7p for 100k and then trades happened at 6.5p. They were not reported at the time either. The 277k was shown as a late trade after the close 2/3 hours after they occurred. Those shares were then bought but sp stayed down.
A buy for 100k at 7p was not shown until this morning to keep the price down overnight.
116k at 6.075p today 8.26am reported 1 hour late and despite the bid being 6.34p. Shares were then bought but the sp doesn't move up. Again more bought than sold so far today.
The price is being manipulated. Interesting that there has been no big sell off like the previous pump and dumps. No doubt we are close to something big happening. Bamgladesh needs the coal to end the energy crisis and save its economy.
Prior to the massive Powerchina JV press conference in Dhaka, attended by senior Chinese and Bangladeshi officials, the price rose steadily with no explanation for 2 weeks from 10p to 24p. After the press conference the price hit 68p.
History repeating itself?
Mr. Ding Zheng Guo, Chairman of PowerChina International Group Limited, stated: “POWERCHINA is delighted to be a partner with GCM to deliver an integrated mine and power plant for the people of Bangladesh. Completing the JV Agreement and EPC Contract were very important steps in progressing the combined Project."
Bangladesh energy policy then changed but no doubt their current energy crisis is forcing them to have a rethink. Powerchina are still massive partners to GCM having constantly maintained their interest in the Project.
https://ep-bd.com/view/details/news/ODA5
What are the mnms up to? :)
If approved GCM is the centre pin of a deal worth, at current values, near $300billion over the lifetime of the mine. Just a 0.2% of that revenue to buy out GCM would be good business for either Bangladesh or Powerchina who could take total control of their own destiny. That alone would value GCM at £3 a share. Minimum.
Given that Bangladesh currently imports the vast majority of its coal then yes global coal prices do come in to the equation. Add on the shipping costs. Also factor in that the Taka value is falling so they are having to spend more Taka to buy dollars to buy coal as their own dollar reserves are dwindling away alarmingly.
So their coal is actually worth more to them than the current global prices.
'nor for that matter does the market.'
A £2.13m placing was done at 5.14p before the RussiaUkraine business wreaked havoc on global fuel markets. There was confidence in GCM being successful long before Bangladesh was put into energy crisis and turmoil. Dyani Polo and Kilkeny seem to have been involved in the fundraise. Not the wider market but certainly investors of significant interest.
Can she cling to power as the uprisings start?
https://asianews.network/only-the-guilty-need-indemnity-laws/
No dollars - no imported fuel. No imported food. No imported raw materials for industry.
They have to dig their own coal to end the power cuts, to end importing fuel and to save their economy.
https://www.thedailystar.net/opinion/views/news/we-cant-afford-any-further-depletion-our-forex-reserves-3080991
Exactly.
RNS comes and same old people jump in looking for a quick return and then just as quick jump out when nothing materialises.
It is going to take something a lot more concrete to get this moving up. The RNS was welcome but ultimately GCM is in exactly the same position as it was in before the RNS.
4.9p
Back to 4p.
Nothing new.
'Bangladesh don't need to pay in dollars as well.'
So what are they going to pay Russia in?
Lol
Bangladesh running out of $dollars to buy fuel on global markets
Can't afford current global gas or coal prices anyway
Hasina's govt sees new coal power plants coming online as the saviour
Same problem as no coal to run them
Massive power cuts - people are demoralised and are at breaking strain. The economy is crashing. Food shortages will put further pressure on Hasina.
Hasina is on the edge of the precipice - she only has to look at Sri Lanka to see what happens when you push the people too far down in the dirt
Media opinion is swaying towards digging own coal
No surprises to see GCM already in talks at government levels.
https://www.newagebd.net/article/178934/coal-could-be-an-option
Pappi it would appear Nasrul Hamid has had a change of heart from no coal extraction to coal can be extracted if the people are compensated. And no doubt requiring govt members are compensated too.
Thursday they wanted to get Russian fuel, Friday they were off begging to the US for money again. They are in total disarray, their energy policy is an abject failure, the people are suffering and threatening riots. Only digging the coal can end this mess. Hasina is under real threat and has to act.
At $500 per tonne the coal is worth a staggering $286billion. Bangladesh GDP is $324billion. There is more than enough value for generous compensation and environment protection. Hasina's State Minister for Energy and Power Nasrul Hamid knows this. Biggest hint yet of how to sweeten the deal.
'A tonne of coal, which was usually traded at below $100, now costs over $400 amid forecasts of the price exceeding the $500-mark over the next year........
‘Expensive coal serves as yet another reminder of the fact that imported fuels cannot ensure energy security,’ M Shamsul Alam, energy adviser, Consumers Association of Bangladesh, told New Age........
‘All energy commodities became expensive,’ said Nasrul Hamid. ‘But I have no alternatives to using upcoming coal-based capacity to end power outage,’ he said. The power and energy ministry was also working to propose to the government for increasing domestic coal production, he said.‘Domestic coal production will be increased only when people and environment are safe and properly compensated,’ said Nasrul Hamid.
https://www.newagebd.net/article/178779/new-coal-based-power-unlikely-to-ease-crisis
Indeed you seem to be a thorn in the side of the board. With your previous links would you consider yourself 'friendly' with the current board?
I ask as the anti-GCM anti-coal anti-mining nutjobs LondonMiningNetwork seem to really like your questions and quote you extensively on their anti-GCM propoganda.
"The prime minister said if India can import fuel from Russia, why can’t we?” the planning minister said, citing Hasina.
He also said the prime minister ordered the authorities to figure out what currency should be used to buy fuel from Russia.
https://www.google.com/amp/s/bdnews24.com/amp/story/economy%252Fsskvsdise6
Really? So what did you say and what did the board reply?
'I have been calling it right'
You should have told Tang and Powerchina and saved them a lot of time and trouble.