RE: AGM Date30 Nov 2018 14:17
GCM Resources PLC
21 March 2018
21 March 2018
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Contract Framework Agreement with Strategic Partner
GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, is pleased to announce that the Company has agreed a Contract Framework Agreement with its strategic partner China Gezhouba Group International Engineering Co. Ltd ("CGGC").
The Contract Framework Agreement awards CGGC the exclusive right for the engineering, procurement, construction, and commissioning of a proposed 2,000MW mine-mouth thermal power plant at GCM's proposed coal mine in North-West Bangladesh for an agreed initial estimated cost of US$3.8bn which shall be subject to further adjustments when the parties finalise a full engineering, procurement, construction and commissioning ("EPC") contract. This agreement follows on from the Joint Development Framework Agreement announced on 9 March this year which outlined the roles and responsibilities of both companies in pursing approval of the Phulbari Coal and Power Project.