Member Info for Pappiklon

From observation here there seems to be a misconception about these placing shares. It's highly unlikely that the whole £2m was done to one party, indeed I know of one connected individual who claims to have some of them, it follows on that if multiple parties got shares they are not all going to have the same agenda, some will want a quick profit, some will hold and sell some, others will hold. Any influential Bangladeshi parties are highly unlikely to have participated for an immediate profit, so whilst we have seen some forward selling it stands to reason that there isn't necessarily going to continue and those thinking that most of this placing will get sold into the market imho are misguided. I've relapsed on having an opinion rather than just providing news but there you go, tomorrows a new day !

The Japanese invested billions into this, it was the jewel in the crown, deep sea port, supercritical technology but the Government isn't paying them for the power they have taken out of this huge investment all because they can't pay for the imported coal. I suspect one of the reasons there has been no attempt to pay is also because paying off all these energy import bills will drop their forex reserves even lower that they are already taking them under the IMF requirement of maintained reserves to get their 3rd loan tranche. They really are in dire straights and need to prove to he IMF and their creditors that they are taking positive steps for the future. If my business was deeply in the hole and I went to the bank for a loan they would want to see what I was going to do to fix the problem before even considering lending, There is only one way to do that here and thats to start mining their own resources and alleviate the energy import bills anything else is like putting a sticking plaster on after a motorway pile up

https://unb.com.bd/category/Bangladesh/matarbari-power-plant-not-getting-payment-against-power-supply-to-national-grid/134113

Link to page

https://www.gcmplc.com/sites/gcm-resources/files/2024-01/GCM_Resources_ARA_2023_Final_Glossy.pdf

Search gcm resources clear capital and it will take you to the gcm webdite and the annual report so it will be in there, its 69 pages long snd i’m jet lagged and going to sleep so u will need to do it yourselves, plus from memory it was mentioned at the agm during or after

Someone bought it and someone sold it

17-Apr-24 16:29:39 7.80 100,000 Unknown* 7.50 8.00 7,800 O

16-Apr-24 16:42:48 7.60 4,544,230 Unknown* 7.50 8.00 345.36k O

17-Apr-24 16:11:42 7.84 127,398 Unknown* 7.50 8.00 9,988 O

Power cuts surge amid persisting heatwave

https://www.newagebd.net/post/country/232697/power-cuts-surge-amid-persisting-heatwave

Let's see what she comes out with in the first week of their New Year. The biggest failure of the past would seem to be imported Energy Policy !

Prime Minister Sheikh Hasina has urged every citizen of Bangladesh to work together in the upcoming Bangla new year to build a beautiful future, leaving behind the failures of the past.

‘Let’s leave behind all the failures of the past in the new year and work together to build a beautiful future,’ she said in a video message on Friday ahead of Pahela Baishak, the first day of Bangla new year.

https://www.newagebd.net/article/230010/lets-build-a-beautiful-future-says-pm-in-pahela-baishakh-message

I try and resist posting anything other than news on here. Today is the last day of Eid in Bangladesh. Over Ramadan and especially Eid ( public holiday) goverment actions/decisions /newsflow slows or halts altogether. I would not be surprised to see things ramp up again next week.

The pit deepens

https://www.thedailystar.net/business/news/uninterrupted-power-summer-energy-ministry-seeks-dollars-unpaid-subsidy-3583676

Knock on effect across all parts of the economy and society across numerous papers not just these ones, Phulbari isnt an instant solution but the fastest and offers promise of hope for the future

https://www.newagebd.net/article/229703/boro-farming-faces-setback-due-to-frequent-power-cuts

https://www.tbsnews.net/bangladesh/energy/despite-weekly-holiday-saturday-starts-1636-mw-load-shedding-824106

On the previous post best to start from the 3rd one down and work backwards, There are some other snippets in there which I ( maybe Searcher will beat me to it) will try and post later.

Opposition seems to be gone and it has been hard to find any resistance anywhere since it has been slowly leaked that it's going to go ahead, I believe everything is on track with the government at this point in time to0. Hopefully we should be getting news updates from the company (Or the press) very soon

(Q) Mollah Amjad (EnP): Recently, the Deputy Minister of Energy has stated that decisions will be made after conducting surveys on the environment, rehabilitation, and water management.

(A) Kamruzzaman (bara): Many surveys have already been conducted. Detailed surveys were done in Phulbari and Dighipara. Now we must proceed with the project.

(Q) Mollah Amjad (EnP): When there was local opposition in Phulbari over coal in 2006, under the patronage of environmentalists and the then government, it had already started showing how water management, rehabilitation, and water infiltration would be handled in the Phulbari project. Why couldn't it be fully demonstrated before the complications began?

(A) Dr. Mushfiqur: Although there were solutions to the problems, the government were persuaded to make a decision not to mine it so it was politically decided that the project would not be allowed

(Q) Mollah Amjad (EnP): The government thought that importing coal would be easier than extracting our own. Now it has been proven that importing is not easier. We are unable to bear the expense. Experts should consider how they can assist the government in this matter.

(A) Kamruzzaman (Bara): No body looked at past reports. The report was neither rejected nor accepted. I believe we must make a decision to extract coal. Why? Because we need to ensure energy security.

(Q) Mollah Amjad (EnP): Why do we consider that the land should be kept as farm land, only when the question of mining it comes up?

(A) Dr. Mushfiqur: The number of studies, surveys, committee reports, and evaluation reports have been so extensive that if compiled, they would not fit in the Petrobangla building. A lack of decision making and too many reports!

(Q) Mollah Amjad: Barapukuria was supposed to produce about 64 mill tons over 32 years at $34 a ton, but Barapukuria coal is now dearer than imported coal at $176. Should new mines be through a Public Ltd Co or a Private Co?

(A) Kamruzzaman (Bara): Barapukuria still generates affordable electricity, even at $176. However, it may not be possible to conduct coal extraction through a government company. That’s true. It’s not possible to follow government procurement rules. A foreign company can do it in a joint venture with a local company. This way, technology transfer can happen.

(Q) Mollah Amjad (EnP): As an insider of Petrobangla, you know Asia Energy completed a comprehensive survey of the Phulbari coal reserves and submitted a Scheme of Development, but it was not approved by the government. Why do you think the government has not been able to agree to OPM? The committees who were opposed to it were all from non-mining backgrounds, could this now be changed?

(A) Kamruzzaman (Bara): At the time the local people were against it. Now with proper compensation being offered the people want it. I think the negative mindset about Phulbari is not there anymore. If the government wishes, it can try to see.

(Q) Mollah Amjad (EnP): In the beginning there was a negative attitude towards Phulbari coal due to various propaganda. Can the government put that behind them and now make a decision?

(A) Dr. Mushfiqur: It needs the government to be an active partner in implementing national projects. Only then can it be done.

(Q) Mollah Amjad (EnP): How can we address the opposition at Phulbari that comes with water management, environmental, and rehabilitation issues?

(A) Dr. Mushfiqur: Once you have decided to go ahead, you must have plans in place, as without firm plans you cannot proceed. There are plenty of international surveys that have been done. This is related to political and economic management. Barapukuria also had to overcome countless obstacles

(Q) Mollah Amjad (EnP): We have seem the Honourable State Minister of Energy, Nasrul Hamid MP has stated that the government is considering extracting its own coal. How do you view this initiative taken by the government?

(A) Kamruzzaman (Bara): What’s the point of taking new initiatives if no decision is made? Lots of surveys have been done and we can mine coal from OPM or underground, therefore, we must make quick decisions on this matter now.

(Q) Mollah Amjad (EnP): Lots of countries have moved back to coal since the Russian/Ukraine conflict. Bangladesh produces 4500 megawatts of electricity with imported coal so why the hesitation in using our own coal?

(A) Dr. Mushfiqur: The import lobby had been strong, and political careers could be of been at risk so we took the easy option of imports rather than make difficult decisions and planning.

Below are some bullet points of the Energy and Power Magazine interview that Searcher posted earlier in the week, (I have sent Searcher a full copy) it is obviously very long, so it is not possible to post the whole transcript, The interview is - Mollah (editor Energy and Power Magazine) with Mushfiq Rahman (mining engineer) and Mr Kamruzzaman (Barapukuria head) discussing the pros and cons of Bangladesh using their own coal. The discussions touch on all their mines, but most of the discussion is about Barapukuria and Phulbari OPM, there is not any negativity within the interview, but does obviously make the point that it is a government decision, and the point that although easier to import coal, they cannot continue to afford to do this!

Mollah Amjad: (EnP) Bangladesh has limited resources of coal and gas. Today we have not utilised them fully. Let us ask why.

(Q) Mollah Amjad (EnP): Lots of work will need to be done by the government to make moves to extract coal, do you think the government can make these decisions.

(A) Kamruzzaman (Bara): Regarding the topic “High time to utilize,” I believe it is already late. We have no hydro and gas is running out. We have enough coal to meet our domestic demand for 50 years. The decision to extract is long overdue, as all the surveys have been done.

(Q) Mollah Amjad(Enp): There are surveys available regarding the coal in Dighipara, Khalaspir, and Phulbari. The government’s election manifesto mentioned maximizing the production and use of coal resources. How optimistic are you that the government will actually do something?

(A) Kamruzzaman (Bara): I was on that committee. We made recommendations about how to OPM at Barapukuria, and manage the water. We also said that OPM could be done at Phulbari. The government agreed that North Barapukuria was possible, but no further action was taken.

(Q) Mollah Amjad: Barapukuria was supposed to produce about 64 mill tons over 32 years at $34 a ton, but Barapukuria coal is now dearer than imported coal at $176. Should new mines be through a Public Ltd Co or a Private Co?

Just noticed it's at the top of the article...senior moment :-)

On the one I have received there is also a mp3 audio file called Power China Stock Exchange announcement, hopefully it will come through on the below, I actually beiieve this all a done deal now...

https://www.yicaiglobal.com/news/powerchina-unit-to-design-coal-mine-in-bangladesh-for-usd9698-million

Missed you guys from London Mining Network at the AGM this year, heard there was an anti oil demo on the same day and you were all down there.

Of vourse and a load of old twaddle. Utter rubbish the Phhlbari locals are overwhelmingly on board with this project

Missed this one

'There is a wrong belief that coal exploration will create desertification in the coal region, and the aquifer will be impacted. But all coal mines elsewhere in the world did not create deserts. There exists off-the-shelf technology for managing aquifers, managing mine water, and reclaiming agricultural land. Authentic study reports are available to the government. But the uninformed guess of some policymakers keeps the government in dilemma over mining coal. People still showing dreams about underground coal gasification. Even in Queensland Australia UCG was a disaster. State Minister for Energy Nasrul Hamid was briefed about it during his visit to Australia in 2016'

https://ep-bd.com/view/details/article/OTk3MQ%3D%3D/title?q=energy+sector+scenario+of+bangladesh