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Gudge, I don't think so mate... looks like a typo error mate

Now with good volume at 5.75..... They will have to let this loose soon :)

ManuDave, yes it was really good to go over the PowerChina RNS's this morning and it reminds me how big this project really is and that the….

Proposed Solar Project - Joint Development Agreement, GCM will hold 50% interest

Joint Venture Agreement with POWERCHINA GCM will hold 80% interest

That is massive just in its self, and that’s without all the other parts of the project coming together,,…

I wonder if all these percentages will remain the same when/ if we get approval …

Yep, excellent post doze, and so true!!

17/01/2019

Joint Venture Agreement with POWERCHINA

Under the terms of the JV Agreement, GCM shall be the lead party on a newly created joint venture company ("JVC") to own the Power Plant. Subject to a mutually agreed valuation of the Power Plant and investment appraisal, the Company will be entitled to an 80% interest in the Power Plant, with POWERCHINA receiving the remaining 20%

https://www.lse.co.uk/rns/GCM/further-agreements-with-powerchina-awwmec053f5x70u.html

Definitive EPC Contract

The EPC Contract awards POWERCHINA exclusive rights for engineering, procurement and construction of the Power Plant for an agreed initial cost of US$3.5 billion, subject to any adjustments in accordance with the terms of the EPC Contract. Commencement is subject to a number of preconditions, not least obtaining necessary finance and approval.

I was just looking back for my own research of PowerChina’s commitment to the Phulbari project with GCM, either through MOU’s or Contracts just to remind myself how far we have come and how close we potentially really are now to Phulbari really becoming a reality now, and just thought it may be worth sharing, there are obviously many more PC RNS’s but these are mostly just extensions to the below, and may contain slight changes to the terms, but overall I have to say, their commitment, and work done to date for this project is incredible ………..

11/03/2024

Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

https://www.lse.co.uk/rns/GCM/phulbari-coal-mining-infrastructure-contract-se8gl4nk3mhb9ng.html

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project").

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

09/01/2023

Proposed Solar Project - Joint Development Agreement

https://www.lse.co.uk/rns/GCM/proposed-solar-project-jda-sjltu9ur0aznyh9.html

GCM, POWERCHINA, and DYANI, shall:

o Participate in the Solar Project with the interests, rights and liabilities of the Parties within the Solar Project be in the following percentage proportions:

- GCM Resources plc 50 %

- PowerChina International Group Limited: 20 %

- Dyani Corporation Limited: 30 %

11/03/2022

Extension of Joint Venture Agreements with PowerChina – Energy Park

https://www.lse.co.uk/rns/GCM/extension-of-powerchina-joint-venture-agreements-v463jpaiv8ezj1d.html

GCM and PowerChina ("the Parties") foresee the Phulbari geological basin being transformed into an "Energy Park", potentially supplying large scale solar power, thermal power and high-energy thermal and metallurgical coal to Bangladesh's domestic markets.

15/10/20

Framework Agreement with NFC

https://www.lse.co.uk/rns/GCM/framework-agreement-with-nfc-on159veshapmoto.html

I wonder how much of a voice and how influential BIPPA really are within the country

Redeyes, yep, totally agree mate....

Coal taxed at 22% and not at the present 5%, I guess another great incentive to use own coal.... ;)

Power-plant owners have demanded a unified tax measure for all types of imported fuels to remove discrimination existing in the sector and ensure a level playing field.

Bangladesh Independent Power Producers Association (BIPPA) has sent a letter recently to the National Board of Revenue (NBR), seeking a unified tax, value-added tax (VAT) and customs duties for all types of fuels at 22 per cent.

The national exchequer would bag around Tk 190 billion more as taxes from this sector until 2030 if the harmonised tax measure is implemented.

The BIPPA also demanded introduction of 10-15 per cent taxes and import duties on imported electricity.

Under the existing tax measures, only 5.0 per cent tax and import duties are applicable on imported coal, 22 per cent for imported liquefied natural gas (LNG) and re-gasified LNG (RLNG) and 34 per cent for high sulfur fuel oil, or furnace oil.

The import of electricity is currently enjoying 'zero' tax.

https://today.thefinancialexpress.com.bd/last-page/bippa-seeks-unified-tax-on-all-types-of-imported-fuels-for-power-generation-1716315183?amp=true

KC, pmsl…. thanks for pointing that out mate, I knew I should have done a spell check 🤣🤣🤣🤣😂

Sharebare2, sorry for the long post, i got carried away hahahahahahaha

Sharebare2, I know it’s frustrating and its sometimes easy to forget how far we have come, but I don’t actually think that it has been delayed, and the only real reason (imo) that we are at the SP we are is due to the subscription, but….

• In the End of Year report, it was said that GCM will begin discussions with the new government once settled in and gave a timeframe of April 2024 to begin these discussions,

• Nasrul Hamid – the Energy Minister, said that he would be putting a presentation / proposal together to mine not only Phulbari, but other coal mines in Bangladesh to put forward to PM Hasina in April 2024

• We have had power China, change from a MOU, to a signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project if approval is given.

Also there is a massive amount of work to be agreed behind the scenes by all parties … again, just from the End of Year report the below gives us an idea of the work that has been and is being done to achieve the green light for Phulbari …..

• Power Company – JV with Power China

• Coal Trasport JV Company

• Industrial Mineral Co-Product JV Company

• We know that the Company's "Feasibility Study and Scheme of Development" for the coal mine component of the Project is pending approval from the Bureau of Mineral Development (an entity under the Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources).

• We know that the Bangla elections delayed things, but GCM's Dhaka-based team continued to work with contacts within the government agencies to ensure the Company is in the very best position to engage with the new government once it is in place and fully functional within the 1st Quarter 2024.

• 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.

There is obviously loads more I could add, but in summary, a proposal and presentation was being worked on in the 1st quarter of 2024 by GCM, Nasrul Hamid, Power China and others, to put the proposal forward to PM Hasina to formally agree.

Again, as I have said before, I honestly do not believe that all the above work would have been completed by such high profile companies / people if they did not already know or believe that they would be given the go ahead ,…..

I know that i may be criticised for posting this as old news, but this is just a reminder from a mere 9 weeks ago..... You would like to think that it would come up as a discussion point in the JICA meeting today!

OPEN-PIT COAL MINING

Govt reviving plans despite strong opposition

Mining both Barapukuria north and Fulbari using the open-pit method could yield 620 million tonnes of coal, meeting 70-80 per cent of the country's demand and saving $4 billion annually.

For Fulbari mining, 2,000 hectares of land will be needed, but it will be restored for agriculture within 3-5 years after extraction.

https://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition#:~:text=Mining%20both%20Barapukuria%20north%20and,3%2D5%20years%20after%20extraction

I wonder if the use of own coal and Phulbari were on the agenda ??

To improve nationwide power grid frequency, the Japan International Cooperation Agency (Jica) and the Power Division jointly organized a workshop at the Power Division in the capital on Monday.

Md Habibur Rahman, senior secretary of Power Division; Ministry of Power, Energy & Mineral Resources, Md Mahbubur Rahman, chairman, Bangladesh Power Development Board (BPDB) and Ichiguchi Tomohide, chief representative of Jica Bangladesh office, attended the workshop along with officials from the government and development partners.

- Obvioulsy The Roopur Nuclear power plant as we saw from Pappi's post earlier has now probably been delayed until 2027 ....

The power grid of Bangladesh needs to be immediately prepared for more sophisticated power sources like Rooppur nuclear power plant that is scheduled to evacuate about 2400 MW of power through the national grid in the coming years.

Ichiguchi Tomohide, chief representative of Jica, said: “Reliable and quality power is vital to attracting foreign and domestic investors to expand their businesses in Bangladesh. Hence, power stability is crucial for rapid industrialization and sustaining a high economic growth for the country.”

https://www.dhakatribune.com/amp/business/347012/jica-power-division-host-workshop-for-improving

Interesting article Pappi... I see that they are no longer going to pay them in dollars either ....

"Besides, in the wake of the dollar crisis, an additional agreement has been signed to pay the bill in taka instead of dollars in the beginning of this month to expedite the construction work. The Bangladesh government pays 10 per cent of the total annual allocation of the project."

Doughty9, I wonder if that red light has just turned to Amber? 🤔

Preparing participatory master plans for districts

https://thefinancialexpress.com.bd/editorial/preparing-participatory-master-plans-for-districts

Positive2021, with regards your statement that research does not create any buying, then why on earth did anyone buy the 30 million shares in the placing back in January, when the SP then rose to about 10p and why has anyone been buying the 30 million shares from the latest fund raise in April, that has now meant that no further funding will be required until at least August 2025 (if nothing was to change).

The reason the SP is in this area is quite simple, and that’s because of the 2 million raised at 6.5p last month, and the only reason people having been buying that stock is because of Bangla press news and obviously previously released RNS’s from GCM. As soon as the remainder of that stock has been sold to the market, (which must be close now) and we see any more positive news from either Bangladesh or from the company the SP will then continue to rise, there is no way imo that we will be anywhere near 6p when/ if the go ahead is given,..

As for any announcement of if, or when Phulbari would be given the green light, as has been discussed on here many times, because we were told at the AGM that it is more likely that we will hear first through the press of Bangladesh rather than the company because it was felt that Hasina or her Energy Minister Nasrul Hamid would want to be the ones making such a big announcement to mine of the coal resources of Bangladesh.. the company would then do their announcement in due course…

Just shows what a mess the country is in when they are now giving all of these projects the go ahead without having feasibility studies completed

https://thefinancialexpress.com.bd/economy/unapproved-projects-galore-in-new-adp