US$12.5 billion foreign investment17 Jan 2019 12:36
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GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce that it has agreed a Joint Venture Agreement ("JV Agreement") and a definitive Engineering, Procurement and Construction Contract ("EPC Contract") with Power Construction Corporation of China, Ltd ("POWERCHINA") for the development of 2×1,000MW Coal-Fired Power Plant Project ("Power Plant") at the site of the Company's proposed coal mine in North-West Bangladesh. The Power Plant proposed with POWERCHINA is part of the Company's broader strategy to generate 6,000MW of low-cost electricity for the Bangladesh market utilising domestic coal, providing an estimated US$12.5 billion in foreign investment.
POWERCHINA is a central government owned key enterprise of the People's Republic of China, and is a world-leading integrated engineering construction group. In 2018, POWERCHINA ranked 182nd among the Fortune Global 500, 2nd among the top 150 global engineering design companies, 41st among the Top 500 Enterprises of China and 6th among the world's 250 largest global contractors and according to Engineering News-Report. POWERCHINA has 373 overseas offices or branches in 116 countries and business operations in 125 countries and regions. POWERCHINA has completed power plants with 242.75GW of installed capacity and has majority ownership of power plants with 14,402.4MW around the world.