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I probably would have gone Redeye - but I’m currently in Cape Town so will have to give it a miss this time👍
I know Searcher is going so hopefully he can let the bb know - no pressure there Searcher - but thanks in advance! 😂
Hi Cstallion
I’m personally quite relaxed about the funding spread around and not weighted too heavily with one party - spread the risk/ reward. 👌
That may also mean we still have the Polo loan to fall back on if needed come May.
Hi Searcher
Re your post :
Honestly not sure if this has been posted before or not but looks like it was written 6 days ago .....
"The country, on the contrary, is relying more on
Four coal plants with an aggregate capacity of around 3,365 megawatts are already in operation. The 1,234MW Maitree Super Thermal Power Project, SS Power's 1,224MW plant, Barisal Electric Power Co's 307MW plant and the 1st unit of Matarbari 1200MW plant initiated electricity generation in 2023. And the second unit of the Matarbari coal plant is expected to come online this coming March, the official lists the advances in the switch.
"These coal-fired power plants in Bangladesh alone will require around 45,000 tonnes of imported coal per day," says the official."
45,000 tonne’s a day = 16.425 million a year required.
Phulbari at full ramp up can ‘only’ produce 15 million tonnes per year - and that will take 5 years to get up to that amount I believe.
So all the coal from Phulbari won’t even be enough to fuel the power stations that are currently on line - let alone any other as that they have planned - including any at Phulbari.
Will that be enough power generated for the country to function without load shedding I wonder?
It would seem pointless to build more power stations if they didn’t have the coal to fuel the ones they already have?
Hi Blumagnet
Nobody knows for sure I guess.
With my glass half empty head on, and with the trade being at 1.85, it could easily appear to be a sell. There is the old adage of course, that for every seller there is a buyer - so you could say both 😉
With my glass half full head on, whoever paid the £500k for the shares at 1.65 could have flipped them for 1.85p for a quick £7k profit? I guess we don’t know, and may never know…..
The sooner we get an rns stating we have two new neds the better. I think that will put a lot of minds at rest, and will no doubt instigate a lot of buyers knowing we won’t be delisting.
All imvho of course!
NOTICE
02/02/2024 7:30am
RESTORATION OF TRADING ON AIM
GCM RESOURCES PLC
Trading on AIM for the under-mentioned securities was temporarily suspended. The suspension is lifted from 02/02/2024 7:30am, an announcement having been made.
ORDINARY SHARES OF 1P EACH, FULLY PAID
(B00KV28) (GB00B00KV284)
If you have any queries relating to the above, please contact the company's nominated adviser on +44 (0) 20 7220 1666.
And this Searcher:
“Throughout the reporting period and beyond, the Company's Dhaka-based team has maintained contact with the relevant government agencies and there is credible evidence that the "new plans" cited by the Honourable Prime Minister are being framed and that such plans are addressing domestic coal extraction and exploration efforts for new gas. This is exciting news for the Company, the Project and its Shareholders and efforts are being made to ensure we are in the strongest position to engage with the newly elected government within the 1st Quarter 2024 and deliver the Project Proposal which includes a large-scale Solar Power Park as an adjunct.
The Company's relationship with its Development Partner, PowerChina, continues favourably evolve and they are now also involved in the proposed Solar Power Park via a JDA signed in January 2023.
Cont...
Once again, I thank our shareholders and stakeholders for their incredible patience and on-going support. With the much-anticipated swing towards bringing domestic energy resources (both existing coal resources and potentially new gas discoveries) into the energy mix, we are now reaching the point of most relevance for the Project and look forward to moving with the Project Proposal once the newly elected Awami League government is in place and fully functional.
Christian Taylor-Wilkinson
Non-Executive Chairman
29 January 2024
Non-exec Chairmans statement
...Our Dhaka team maintains contact with government agencies and has seen evidence that the forementioned momentum towards developing the country's known domestic coal resources and increasing exploration to identify new gas fields is waxing. The downturn in key economic indicators has seemingly been an awakening and it is most fortunate that the country has such a world class energy resource as the Phulbari coal deposit that can easily be developed and help insulate against the vagaries of the world energy market.
GCM has patiently been working to be in the best position to present the Project Proposal to the Bangladesh Government and would welcome its participation as a partner in the Project. With the apparent move towards finally realising the potential of domestic energy resources, now that the National Election has been completed and the Awami League government returned, we are targeting Project Proposal delivery once the new government has settled in.
To reiterate, the Project Proposal focusses on development of the Phulbari coal mine which will have an annual production of over 15 million tonnes, capable of supporting some 6,600MW based on the latest highly energy efficient coal-fired power plant systems for more than 30 years. The Project area can also support over 2,000MW of installed Solar Power Capacity throughout the life of the Project and this is an adjunct to the Proposal. It is aimed to supply power from the Solar Power Park to both the national grid and the Phulbari coal mining operation, enabling the mine to attain carbon emission neutrality and "Green Mine" status.
During this last Financial Year, our team continued to work closely with development partner, Power Construction Corporation of China, Ltd. ("PowerChina"). They are a diverse and extremely experienced organisation with the capabilities to support all aspects of the Project. Apart from an MOU focused on coal mine development and Joint Venture Agreements for power plants of 4,000MW (two 2,000MW Stages), as indicated below, PowerChina has also shown interest in the proposed Phulbari mine site Solar Power Park.
Other steps taken in Financial Year 2023 include:
· On 22 August 2022, the Company announced that it had agreed a further extension of the consultancy agreement with DG Infratech Pte Ltd ("DGI"), a Bangladeshi controlled company, for an additional two years. DGI's prime role is to provide advisory and lobbying services in relation to the Company's business, namely to achieve project approval.
· On 12 December 2022, the Company announced that the MOU with PowerChina, focused on coal mine development, has been extended for a further 12-months to 6 December 2023.
· On 9 January 2023, the Company announced a Joint Development Agreement ("JDA") for the proposed Solar Power Park to be developed as an adjunct to the Phulbari Coal and Power Project. Under the terms of the JDA, G
29 January 2024
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Final Results for the year ended 30 June 2023
Notice of Annual General Meeting
GCM Resources plc announces the publication of its final audited results for the year ended 30 June 2023 (the "Annual Report and Accounts") and that the Company's 2023 Annual General Meeting will be held at 10.00 a.m. on Thursday 29 February 2024, at QEII Centre, Broad Sanctuary, Westminster, London, SW1P 3EE.
The Annual Report and Accounts and the Notice of Annual General Meeting will be posted to shareholders on Tuesday 30th January 2024. Copies are available on request from the Company and will be available on the Company's website (www.gcmplc.com). The Annual Report & Financial Statements are also available on the 'Financial Reports' page of the Company's website.
Further to the RNS dated 28 December 2023, the Company's shares are currently temporarily suspended from trading on AIM. The Company's shares will remain suspended until the settlement and completion of subscription to raise £500,000, previously announced on 26 January 2024.
For further information: