Member Info for redeyemines

---- Had another read of this White Paper and particularly the bit about coal.

-This article goes on and on about the failings of fuel oil powered plants, and the lack of gas for other plants.

-They have gone into deep annalist over the costs and returns for both of these fuels, but not to the same degree when it comes to talking about coal.

-Yes they admit that the coal fired plants are running at about half capacity due to the lack of fuel, and they also admit that the country cannot afford the import bill for the little coal these plants are receiving.

-Not once do they mention increasing the use of "own coal", even though they seem to recognise that this is the solution. They have brushed the whole question of coal aside in one three line comment, and hope nobody takes them to task, and they can get on talking about all the gas that they haven't got , and how wonderful life would be if they had lots more..---

-They talk as if the decision made by Hasina all those years ago, to not mine Phulbari, is cast in stone---- because it was "made by the government"

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----"Expanding coal-based power production was particularly challenging, as the government had previously opposed the establishment of a coal-based power station in Fulbari during its time in opposition."

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---Once Yunis and these "Green Dreams" have been swept aside, a new government will see the elephant in the room, and realise that there is nothing stopping them from using their own resources of coal, and we will get the go ahead.

Just had a quick read, and apart from saying that bangladesh missed a trick with phulbari years ago, it is still all about gas.

... I'll read it again later.

Staggering is about right Searcher---16 BILLION a year.

-and still they go around with their begging bowl for 5 bill here and 5 bill there, just to fund their green fantasies.

-Loans , loans loans ---borrow from peter to pay paul and whats left, put it in your pocket.

-Nothing changes in Bangla,

Coal is, and always will be, the most efficient and reliable way to produce electricity... Super critical plants using high calorific quality fuel from Bangladeshs own reserves, has been been a golden opportunity that has been bypassed for far too long.

... This plant will now bring the whole thing back into focus.... Let's hope that the people understand the real value of their own resource at last.

Yes GPB ---couldn't agree more-----so many resources lying in the ground and they stand on top of them with their begging bowls.

--That bit about the mines and the tonnage and depth was the bit that came from the ceo of Petrobangla, (*early last year), who is also the Mayor of Dingi----Petrobangla own the other shallow deposit near Phulbari, Diphipara, and in the same article he was pushing to underground mine it.--------------but that is the first time i have seen all the other minerals mentioned in detail.

;;Good post GPB

Seems that way Searcher..or at least I think that is what it is saying.

Sounds like another untendered contract.... Given to friends.

Another 625 bill between them over the next 6 years..

... Yup I'm up for that.. (not)

... You start helping yourself and then pay back the money you have already borrowed, and then I'll start to listen to your dreams.

-----"Asked if the interim government could stay for four years, Yunus said, "I didn't say that I'll be [here] for 4 years. I'm saying this is the term that maximum one can go. But that's not our intention. Our intention to get it done as quickly as possible."

Thats the way I read it.--

Yes Dose, ---GCM have played a very straight bat, and kept their nose clean of any whiff of scandal, and that has to be applauded in a country like Bangladesh---almost an impossibility.

-Yunus has played his cards now, and has run out of Aces.----His efforts to get some sort of bailout for green projects, from the rest of the world have failed, and he is now staring at a bottom less pit of mounting debt, and falling exports, with nobody offering a ladder for him to climb his way out.----If he stayed for a year or more, what would he be looking at by then---a total disaster.------ So like all good captains he's looking to abandon ship.

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----"Chief Adviser Prof Muhammad Yunus, in an interview with Al Jazeera, said his interim government is focusing on reforms of state institutions, but would announce elections anytime if people want it, with or without reforms."

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-But there could still be one last hope for him------use their own resources.

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-I have said many times that Bangla need to get its hands on the licence at Phulbari, whether that is by taking (or buying ) the whole thing or by simply taking a huge stake-------so could Yunus now do the unthinkable and get his hands dirty with coal.

--Always remember, that by OPM at Phulbari, that doesn't mean an increase in the amount of coal Bangla would be using, in fact, it may well result in less coal being used, as the coal at Phulbari is of much better quality than imported rubbish, and so could require less to be used for the same output.---- Now read the RNS again.

-Coal produced could be used internally and traded in "local currency"--- Less coal used ---no imports--and no run on FX reserves.

-It could be a Win Win Win for Yunus, which will give Bangla breathing space for another 35 years----and still he could stay true to his dream of Green Energy in the Future.

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-Whether its Yunus or the next administration, -the problems are the same, and they are not going to disappear overnight.----The country is falling apart, and no amount of bailout loans will fix it.--

---- Bangladesh needs to start helping itself, and that means using its own resources.

---- "The Company believes a new and exciting opportunity has been created to work directly with the Interim Government in moving the Phulbari Coal and Power Project (the "Project") forward."

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-How "directly" is directly ?

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-Yunus has strutted his Green stuff around the world stage, and it has fallen on deaf ears.----His begging bowl is still empty and the bills keep coming through the door.

--Borrowing from Peter to pay Paul seems to have been his master plan, but like all those pyramid ideas, it has now hit the buffers and he must change track PDQ.

--BP and Shell have reversed ship, and are retreating from Green Energy plans (wind farms are uneconomic, solar cost are spiralling , mother nature is unreliable ect), and are going back to basics of Oil and Gas----fossil fuels are still the number one go to around the world and will be for at least another generation.

---So where to now for Bangladesh and Yunus ?

-He cannot fly in the face of reality forever, and I think that even this old stick in the mud, had finally woken up and smelt the coffee.

-He gave an interview yesterday, and quietly changed his plans.... Now, he will listen to the people and hold an election "as soon as the people want it"----That's a far cry from the four years nonsense some have talked about, and could be as early as just months away---but we will still have to wait and see for that.

-I speculated last year about the GOB taking a direct stake in Phulbari.----our last fund raise would have been an ideal chance to get them involved for a next to nothing price , but it was a missed opportunity.

--Now, as rightly stated on here, and confirmed in this RNS, come July, we will again need new funding---and with the SP back to where it was on our last raise, --is this another golden chance to get the GOB fully on board.

-Yunus is old and stubborn, but he is not stupid, and he will recognise an open goal when he sees it.

-A 30% stake in GCM now, via an injection of cash at rock bottom levels, will put the GOB in the driving seat before others swoop in and lock them out.

-so again ---how "directly" is directly.

Bara has 250/- tonnes of coal on site, of which 200/- are surplus to their current needs.

-The mine is producing 5000 tonnes a day and the power plant can only use 2400 tonnes a day, but they are not allowed to use this coal anywhere else in Bangla, even though plants at Rampal and Cox's are running at half capacity (or less) due to a lack of fuel (coal), because they can't be trusted to move it elsewhere without stealing it.

-Only in Bangladesh----you couldn't make it up

A wake up call, at last.

There's a scam there, that's for sure Digi. Whether it's from the panels, the land or some kind of capacity charge, one thing's for sure, there's a big rake off to be had somewhere, and Mr Green is right up the front at the trough.

------"Tk3,500-4,000 crore in new dues are added each month to the bill. However, with limited revenue collection, the Finance Ministry has only been able to pay down between Tk1,500-2,000 crore monthly, according to the official_

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-No tax receipts coming in to pay the bills, and factories shutting down due to lack of power,--- and what do they do.?

-They have a wonderful "green " plan to put solar farms over huge swathes of the country, and just to make sure that all their mates make their fortunes ---its all tax free.

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------"These companies will get 100 percent tax exemption for the first 5 years, 50 percent for the next 3 years and 25 percent for the remaining 2 years”, said the NBR notification."

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-Solar is just the next gravy train , (just like importing coal was)----nothing changes.

Evening Digit.... I can't seem to see that... Where are you getting it from.

Dose as always seems to be the case in Bangla, its all about how the deal was set up, and who makes what (Brown Envelopes)

-If they give the GL to phulbari, there would be one immediate casualty----Barapukuria.

-Remember Bara was given the go ahead without any tenders, without any studies, and without any form of compensation should the over ground land be affected. It almost just appeared overnight, and has been a badly performing blot on the landscape ever since.

-It has never lived up to expectations, and that is when it is running at all.--At best it runs at about half its capacity, and is constantly beset by problems---but still its here..

-It produces coal for its Power Plant at about $184 a ton---(what a disgrace)---and at last this price is being queried.

-How much has somebody been making out of this mine for all those years.----It is own by the Gov body of Petrobangla, -so no guessing who has profited.

-If you allow an open pit mine, right next door, that would produce coal for next to nothing, then the mine at Bara would immediately become redundant------and you wonder why they never even talk about Phulbari, let alone give the GL.

-Only when the mine runs out of coal, and the gravy train stops in about 2027, will you ever hear them discuss Phul.

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----"The price of per tonne of coal extracted at the Barapukuriya coal mine is $185, he said, questioning the justification of such a high price."

-----"All are vendor-driven development in the name of public interest. The vendors wanted work and the government awarded them. There was no collaboration between the projects. For instance, there is a power plant but the transmission line is yet to be completed. If there is a pipeline, the gas supply is absent."

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----"Let us have a look at another project in the Matarbari area of Cox's Bazar. There was supposed to be a port and an export processing zone (EPZ) built in the area and those would require electricity. It's very logical.

But when I visited the area, I saw that there was no port or EPZ. However, the power plant has already been completed."

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-and you wonder why they never gave the GL to Phulbari---because it was a project that was all self contained, and would actually have worked --but no "middle men" would have been able to get their sticky fingers in the pie.

--Lets hope things change now---but its still just a big hope.

Cookoo land Digi... Bet he's got his fingers in some "green" pies... Nothing changes out there.