Member Info for KissnCuddles

This is simply mega news.

And the fact they the are all in agreement that once the SOD is given the private sector should carry on with the development of Phulbari is significant. If the new BNP government adopts a 'let them get on with it' approach to it, including the mine-mouth power stations, then GCM could indeed retain a material stake in the businesses earning material revenues for +20 years. It could eventually take on other resource exploitation projects.

Tuku was state minister of power and agriculture during 2001–2006. Wasn’t it 2006 when Phulbari was given the GL? Could it have been him, working as minister for power, who gave the green light!?

Exactly Digit

Any last minute tweaking, even if it’s just political theatre, is all possible now that we have cash in the bank.

Maybe it’s something simple like the JORC compliance cert needs to be revalidated. Or the costs associated with the reallocation of the locals. There’s gotta be some updating needed for a feasibility study that’s almost 20 years old. The MoUs with PC could have such conditions built in.

I agree that Bangla can’t put this to committee and regulatory approval phase for the next decade, and I don’t think they will, but I’d be very surprised if the GL just comes out of nowhere without any updates to the feasibility study.

Perhaps GCM have been told directly or indirectly that they’d need to update their feasibility study, particularly concerning the relocation of people affected by the OPM at Phulbari, before the government can approve it?

I remember seeing a video with two Banglas discussing just that. One said the feasibility study was old, times have changed, more people are living there now, underground water activity has evolved etc. and therefore it’s need to be updated.

So maybe GCM raises the money knowing that soon they’ll be formally asked to update their feasibility study feasibility study, do more drilling, take more samples etc.

A portion of running costs can also be allocated to renewables. In fact most of the leadership salaries can be allocated because they’ve spent most of their working time on this business recently.

I agree that in any case money is tight. They need to get the finger out. Renewables won’t deliver material revenues in time, and the SP is subdued given the risk of another raise.

The purchase of a late stage production asset with debt, and/or a funded Anchois development plan is what we need.

All costs relating to the renewables business are now transferred to the new entity Chariot Generation and Trading (Pty) Limited which is 65% owned by Chariot and 35% by Mahlako (who injected $17m into it) So that’s clear right? All renewables costs are covered until material revenues come in.

It leaves us with O&G costs. I’m hopeful that the recent transformation of ONHYM win to a joint stock company is significant for us. A new partnership between them and us and maybe some other Moroccan investors for an Anchois development will transpire shortly. Fully financed at sub level.

Etana will pay a dividend to its shareholders, of which Chariot is one.

Https://unb.com.bd/category/Politics/bnp-unveils-election-manifesto-pledging-justice-based-prosperous-bangladesh/178977

"... expand power generation capacity to 35,000 MW by 2030..."

Well that’s massive

The emphasis on the value of the overburden could point to a deal whereby PC are offered a % of revenues from its sales in lieu of an upfront cash payment. And the sweetener would be that the revenues would be X times greater than the cash payment forgone.

It’d mean GCM could contract out the mining to PC while retaining 100% ownership of the license.

If that happened the GCM share price would rerate to pounds £££ rather quickly.

Ok maybe it’s just electioneering to get votes from those areas too!

My thoughts now that it’s sunk in a bit: the crowd didn’t boo when he mentioned coal extraction. In fact they seemed to take it well. They responded well mostly to his proposal to pay back those micro loans taken out by poor farmers, and to develop agriculture in the region. In general they seemed keen to ‘get on with it’ which bodes well for us. Doesn’t seem like there’ll be much pushback when they announce the intention to mine Phulbari by OPM knowing the he prosperity it’ll bring.

The only people this far who’ve come out against it are the pseudo intellectual knobheads with their cushy jobs in academia. And who cares what they think, right?

This comment "Previously, I knew that coal mines existed only in Dinajpur. I was not aware that coal is also found in Pirganj of Rangpur“

Phulbari is located in Dinajpur right? Anyone know about the coal in Pirganj?

perhaps onhym, when transformed into a limited liability company, can offer finance guarantees and/or form part of a debt syndicate to entice moroccan banks and institutions to get involved. offshore gas is a strategic play for them, so it would make sense to geta development going with moroccan focused entities. perhaps their experience with foreign partners (enog!) coming in, sniffing around, and the ******* off again may have initiated this transformation and made them think about a different approach to develop their natural resources.

Chrisn3

When ONHYM transforms into a joint stock company it will be able to borrow money, and possibly also offer financial guarantees

Small correction:

The plenary sitting and deadline to submit final amendments to the proposal to privatise ONHYM is on Jan 28, and the follow-on meeting is on 02 Feb.

**Immediately following the plenary sitting**

Meeting of the Infrastructure, Energy, Minerals, Environment, and Sustainable Development Committee on Monday, February 2, 2026, immediately following the plenary sitting, to examine amendments and vote on Government Bill 56.24 on transforming the National Office of Hydrocarbons and Mines into a joint-stock company.

So who knows, maybe ONHYM want to hit the ground running with an announcement on a forward plan on the development of Loukas and Lixus in the same week that they privatize ONHYM? Perhaps everything is all lined up and ready-to-roll.

Surfit wrote "It appears that we are NOW hoping ONHYM could assist them with finding local financing but with no end date to finalising privatisation how long could that run for???"

Actually, there is a meeting on Feb 02 by Moroccan government peeps to discuss (or perhaps to finalize) the transforming of ONHYM into a joint stock company.

https://www.linkedin.com/posts/onhym_transformation-onhym-energie-activity-7420471134946668545-VHrI?utm_source=share&utm_medium=member_desktop&rcm=ACoAACI3lO0B05AcF7nY9XPJ0GGKMWFDZmiuNUw

https://www.chambredesrepresentants.ma/en?q=ar

I agree.

But my worry is they could screw around ordering feasibility studies for Bara which could drag on for years, go nowhere and then quietly get binned while Phulbari is pushed to the back burner once again.

“ In the Atlantic offshore, off the coast of Tangier-Larache, a discovery made on Lixus permits by the British company Chariot is currently in the process of detailed study in order to refine the estimation of gas resources.”

It’s been a bloody long time this ‘study!’

They may end up renaming Phulbari 'Bara II' so that Phulbari is never actually mentioned by the media