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Nice words redeyemines!!

Mankiniparty, I was just thinking the same mate ... how sweet to see... just breaking through the 12p resistance and then we will be on our way again ;)

Triple figures coming in the next few weeks imho, and yes thats a pure honest ramp!!! lol

Wow, wow, wow ...... who needs press articles when you have an RNS like this !! Hahahhaah

TeddyMcTedFace, if i am honest, i am almost hoping that we don't get the NED RNS tomorrow, I know that I may be wrong, but I believe that we should get a rise tomorrow either way, just on the back of the article that Pappi posted on Friday which created all the afternoon buying, that article was really important news because it confirmed that the State Minister for Energy and Mineral Resources Nasrul Hamid, is also behind open pit mining at Phulbari, which is obviously really important news ... see part of the text below .....

“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”

I should of also added, that they actually don't have to do a placing before MAY!!!

Reference the Placing ....

I am sure that the SP will be at a lot higher price before they do actually do a fund raise, which we all know is coming, BUT , even if they did one on Monday morning for 1 million at a 20% discount to Fridays closing price, it would only add about just over 18 million shares, which in the big scheme of things is minuscule and will make little difference, imo

OMG, don't wish him back hahhahahaha

Daisy1963, Good to hear from you mate

Bythesea1973, well coal is now about 3 times higher from memory, and at that time the company was built in a very different way because we were involved with other companies, but and as you say we now have PC involved, which is a massive plus, and we will be developing solar in the area and building a possible power plant. In the end of year report it does also go into more detail about how the company will develop in the future with a "Mining Company", a "Power Company", and JV's with a "Coal Transport JV Company" and a "Industrial Mineral Co-Product JV Company" so there are sooooo many more parts being developed, so for me its quite difficult to put an end price on the future SP, until we see how these are developed, but yes I do honestly believe that we will confidently hit triple figures just on up and coming news and especially when Hasina makes a positive comment to her government or she says something that the press reports, imo

https://www.lse.co.uk/rns/GCM/final-results-for-the-year-ended-30-june-2023-mbppkize9au4ebz.html

BH26, interesting link, as i said yesterday, I know that we now have about 5 times more shares in issue, but from your link take a look at the charts back at 2006 to see how high the share price went the last time that GCM thought that they were going to get approval ........ quite staggering!!!

My read of that was the political impediment has seemingly been removed and it is now being processed, anyone else who was there care to comment, again IMHO only

Further comments from Gary around Phulbari and Bara were that there was potential when Phulbari is mined to back pedal onto Bara, also that 90% of big projects in BD are funded and implemented by Chinese companies, that Power China is primarily a construction Company and most of it’s projects in Bangladesh are would be considered government to government and that it is fundamentally a Government entity, They have the ability and power to fund huge projects, in this case they are interested not just in building a power station but also the mine development and infrastructure needed to service ii. The mine is the most important element and the infrastructure second and PC is used to doing these sort of projects, On the Power side after building the power station he said they would be supplying the cheapest electricity in the country due to lack of transport of the mines coal to that plant.

He also mentioned that Hasina herself late last year had made statements in the media asking for new strategies including for coal and gas his comment was ‘persistence will overcome resistance’

• Gary believed that on Thursday there was also an important energy meeting taking place in Bangladesh with government ministers to discuss what was thought to be future energy needs which would hopefully obviously mention using own coal, what was thought interesting about this meeting was that it was thought that Hasina herself would be present, which is not apparently the norm….

• What I considered a significant bit from Gary in response to a question of “what is different this time” from another poster on LSE, Gary’s response was that in the latter part of last year as Industry slowed down due to power shortages and society was up in arms about lack of power due to huge outstanding import bills with inflation rampant, currency devaluation and dwindling forex and an inability to pay, that within high level government ministries there has been a huge focus on pushing down on the Energy Ministry to change direction into exploration of the country’s’ own coal and that they have to rapidly change direction.

• He also stated that GCM had picked up on the fact that the Energy Minister himself had formed a focus group, within the Energy Ministry, to put together materials for consideration to develop the coal sector including Phulbari, and that the Energy Minister had commented on it being the only practical solution at this time

I am sure that I may have missed something that was said, but hopefully others that were at the meeting will either add or comment to ensure that I have not misled you on any of the above points made.

I hope that this report has given you enough info of what was said at the AGM, but the only thing that I can’t write here is how imho relaxed and informative the whole day was and how much positivity there was about Phulbari OPM finally coming good, let’s hope this turns out to be the case!!

GL all …….

I am sure he will not mind me adding these notes as well by the poster Pappiklon, below who was also at the AGM…. For new investors doing research its well worth looking back at other notes that he made from the AGM which was held last week, so as I say all comments still all very relevant…..

The question was asked about what approval would look like, Gary responded with some history which included that back in 2006 the mine was so attractive it became coveted and political, then there was a coup and a caretaker government which meant nothing could happen. We are in the regulatory process, he raised the point what does approval actually mean, it doesn’t have to have someone to get up and approve it, it just needed someone to say make sure the regulatory process started again properly and that’s where we are now. The SOD (Scheme of Development) is what covers the mine, that is paramount, all the work has been done on that, everything else re power stations, infrastructure will follow on from that.

• Michael Tang was asked by another shareholder why Polo put forward the proposal that CWT should be removed from the board, he said that he could not answer the question because he was at the meeting today as a GCM representative and not Polo, so no clear answer was forthcoming.

• One of the questions I asked was why there was not a holdings RNS from Clear Capital from the recent subscription raise of 500k but no clear answer was given.

• Asked if they could see any issues for future fund raising, Keith replied that he was very positive that there were no issues and that they have already had requests of people who would like to take part in any future placings.

• Asked if the people of Phulbari had been talked to in detail about the project and about the resettlement program, so that when the project is proposed to the government we don’t have the same response as 2006, Gary assured us that a massive amount of effort, time and work had been spent on this and that the people of Phulbari were very much on board with the whole project, more in depth discussion was said about this, but the overall point was, yes the people of Phulbari are / will be happy with the resettlement program going forward.

• Asked if an RNS would be released when either the SoD was presented to the government or Hasina was spoken to directly by either GCM, or PC, the answer was that they did not think that this would happen because it was felt that Hasina her self would want to be announcing this massive news to the country, so the first we will probably hear about it will be through the Bangladesh press.

• Asked if the proposed power plants by GCM would ever be built, Gary replied that he could not say for sure, but ideally, they would want one of the proposed plants to be built at Phulbari, and then the rest of the coal produced would be transported to other existing plants throughout the country, this would obviously save on their import cost for coal that they have at the moment.

• The infrastructure for transporting the coal throughout the country would potentially be developed by PC.

• Asked about the end of year report, which was written by Gary, Keith and CTW I said that it intermated that the proposal would be put forward in the first quarter of this year, and therefore could they answer if they still saw this happening so quickly, the reply was that they are in constant conversation with the relevant people within the government and that they could not give an exact date but that discussions are ongoing and that because of the situation within the country they did see this happening sooner rather than later.

For those now joining the party and doing their own research, it may well be worth having a read of the AGM notes, the AGM was only last week so all points are still very relevant....

AGM Report –

Amazingly after being invested in GCM for so long this was the first AGM that I have ever attended and I have to say, that I am pleased that I made the effort to do so. It was a pleasure to finally meet both Gary and Keith face to face, Michael Tang did join the meeting but via a video link, but sadly his camara would not work so it was not possible to read his body language lol, I would personally like to thank both Gary and Keith for their honest feedback to all questions asked, and for their time in staying back after the meeting to go over some of the points raised during the meeting again.

Overall, the atmosphere was all very positive and dare I say it, they did sound slightly excited because they really felt that because of the situation in Bangladesh at the moment with regards to their energy situation and the dollar crisis this really could be GCM’s year… I have to say that from reading all the press articles that I have over the years; I would not disagree with them…

I will keep this as short as I can and try to keep it to main bullet points of how I read the meeting.

• CWT was at the meeting, (I believe by invite), but was not allowed to speak or vote on any points during the meeting, it was interesting having a conversation with him afterwards, and if you could bottle excitement and positivity about the Phulbari project, I would have been able to make a fortune lol.

• There was one of the proposed new NED’s at the meeting, obviously he did not speak, but I was told after the meeting by CWT that he was a really good person and having him onboard would be very positive for GCM, I believe it was said that he was flying out to have a meeting with Michael Tang this weekend, I am sorry but with so much being said and discussed, for the life of me I can’t remember his name. Obviously, we will be told via an RNS shortly.

• Gary chaired the meeting and after all the resolutions that needed voting on had been completed, he started by explaining the current situation in Bangladesh.

• As we all know the Energy / Forex / Financial situation of the country is not very positive

• Phulbari Coal Project is now starting to be seen by many as an important way forward as well as using their own other resources within the country to help resolve some of these issues.

• GCM and PC are in discussions with the government departments.

• Obviously GCM / PC have not yet had direct discussions with Hasina, but this is not surprising because they have to work themselves through the different levels of government before getting to speak to her.

• All the discussions that are taking place at the moment are positive

This is probably a better link on the website

https://www.gcmplc.com/phulbari-coal-project/project-description/economics

Morning, the coal from Phulbari is of the highest quality thermal coal, and could be used to supply the existing coal plants in Bangladesh, as well as the proposed plant planned to be built at Phulbari.

https://www.gcmplc.com/phulbari-coal-project/project-description/resources

Link again... sorry ..

https://samakal.com/bangladesh/article/226409/

The largest coal mine in the country is at Jamalganj in Joypurhat. 545 million tons are deposited here. 105 million tons can be extracted. A study was conducted in 2016 on coal bed methane extraction. This method is considered not to be commercially viable. However, re-survey is suggested for underground approach in north-eastern part. According to the hydrocarbon unit, the underground gasification method is suitable for this mine.

Open pit mining and water management

According to the Hydrocarbons Unit of the Energy Department, mine development takes 4-5 years for underground method and 2-3 years for open pit method. Therefore, if the government wants to get the benefits of domestic coal in this period, it should take a quick decision. In this case open pit mining at Barapukuria and Phulbari will be most profitable. But the main problem will be the acquisition and rehabilitation of huge agricultural land and the management of underground reservoirs.

Agriculture and forestry

Phulbari mine area has 4162 hectares of agricultural land, 195 hectares of forest land, 81 hectares of wetlands and 666 hectares of settlements. It produces 3-4.5 tons of rice per hectare, 20-23 tons of potatoes, 3-3.5 tons of wheat, 10 tons of corn and 1 ton of pulses. According to the hydrocarbon unit, 2 thousand hectares of land will be required at a time in Phulbari for mining. After the mining of coal, within 3-5 years, the land will be reclaimed and made suitable for agriculture. The land to be rehabilitated in the mining area after coal extraction will be agriculture 2 thousand 550 hectares, forest land 1 thousand 946 hectares and wetland 696 hectares. According to the unit, the extracted coal and other minerals will be 20 times more profitable than conventional agriculture in the mining area.

Compensation for the Project

According to Hydrocarbon Unit, Phulbari mine area will be 54.8 sq km. Population 46 thousand 500. Their rehabilitation will last for 10-12 years. A model town will be built in the western part of Phulbari. Agriculture can be carried on till mining on the acquired land. This rehabilitation plan will cost 1 billion dollars.

Mining financial resources

Phulbari will yield 470 million tons of coal worth USD $83 billion along with other resources worth $17 billion. Barapukuria South and Phulbari open pit mining together can produce 62 crore tonnes of coal. 70-80 percent of the country's coal demand will be available. This will save $4 billion dollar annually.

https://samakal.com/bangladesh/article/226409/%E0%A6%AC%E0%A7%9C%E0%A6%AA%E0%A7%81%E0%A6%95%E0%A7%81%E0%A6%B0%E0%A6%BF%E0%A7%9F%E0%A6%BE-%E0%A6%AB%E0%A7%81%E0%A6%B2%E0%A6%AC%E0%A6%BE%E0%A7%9C%E0%A7%80%E0%A6%A4%E0%A7%87-%E0%A6%89%E0%A6%A8%E0%A7%8D%E0%A6%AE%E0%A7%81%E0%A6%95%E0%A7%8D%E0%A6%A4-%E0%A6%AA%E0%A6%A6%E0%A7%8D%E0%A6%A7%E0%A6%A4%E0%A6%BF%E0%A6%A4%E0%A7%87-%E0%A6%95%E0%A7%9F%E0%A6%B2%E0%A6%BE-%E0%A6%A4%E0%A7%8B%E0%A6%B2%E0%A6%BE%E0%A6%B0-%E0%A6%89%E0%A6%A6%E0%A7%8D%E0%A6%AF%E0%A7%87%E0%A6

State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.

Five mines in the country

According to the Bureau of Mineral Resources Development, the number of coal mines discovered in the country is five. Four discoveries were made by the Directorate of Geological Survey. Among them, coal mining started in 2005 from Barapukuria in Dinajpur. About 39 million tons of coal are deposited in this mine. 20 crore tonnes of recoverable reserves. The reserves in the northern and southern parts of the mine are estimated at 17 million tonnes, which can be mined by opencast method. At present, coal is being mined from the middle part trough underground method. Only 2 crore tons of coal can be extracted trough the same method. 8-10 lakh tonnes of coal is now being mined annually from Barapukuria, which runs a power plant. Survey of open pit coal mining in northern part of Barapukuria is under process.

The reserve of Dighipara coal mine in Nawabganj of Dinajpur is 70 million tons. Extractable reserves are 9 crore tonnes. 3 million tons of coal per year can be mined here through underground method. Barapukuria Mine Authority has submitted a full feasibility study of Dighipara to the government.

Rangpur's Khalaspir has coal reserves of 50-69 crore tonnes. Extractable reserves are 8 crore tonnes. Up to 4 million tons of coal can be mined annually by underground methods.

Australian company BHP Minerals discovered a coal mine at Phulbari in Dinajpur. UK-based company Asia Energy wanted to mine coal in an open-pit method here. In 2006, the government

withdrew from that plan in the face of the movement. The reserve of the field is 57 million tons. Extractable reserves are 47 million tons. It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.

If domestic coal is guaranteed, the pressure on the dollar will be reduced and energy security will be ensured. According to a presentation by JICA, Japan's international cooperation agency, which prepares the master plan for the power and energy sector, the amount of coal reserves in Bangladesh is 7.8 billion tons, which is equal to 200 trillion cubic feet of gas. If 10 percent is extracted 20 TCF will be available. Domestic coal can offer many benefits. Apart from creating employment, it can play a role in controlling fuel prices and reducing import dependency.

Chairman of Petrobangla Ganendra Nath Sarkar said that the issue of coal extraction from the new mine has not been finalized yet. Coal gasification in Jamalganj, open pit mining in Barapukuria and

coal mining in Dighipara are being surveyed. A complete result will be presented before the Prime Minister.

Anu Muhammad, member secretary of the National Committee for Protect Oil-Gas, Mineral Resources said, coal-based power plant is a wrong decision. The results are now available. The environment is being damaged, the economy is also under pressure. If coal mining is undertaken, it will be a more disastrous decision. Locals gave their lives to protect themselves. So he hopes that the government will not take this stubborn decision.

Geologist Badrul Imam said that it was necessary to come to a decision about coal extraction. Because the demand for coal has increased, it will increase further. There will be no energy security if we are totally dependent on imports. He said that coal cannot be mined in the open method in the country. As much as can be done in the underground system, we have to move towards that.

Energy expert Prof. M Tamim said that the government already delayed in the the decision to extract coal. Big financial institutions are not investing in coal mine development now. But many coal companies will invest . Good negotiation is required for this. Earlier the government was in a strong position. Now if the government moves forward, the companies will take the opportunity. However, initiative is needed. However, first of all, a third-party survey should be conducted regarding groundwater management. If the result is positive then coal should be removed.

Initiative for extracting coal from

Barapukuria-Phulbari through open pit mining

Daily Samakal_ 07March 2024

The number of coal based power plants in Bangladesh has increased. Coal power generation capacity under construction and in operation stands at 11 thousand 329 MW. This power generation will require a total of 33.6 million tonnes of coal annually. Only 1 million tons of coal is mined annually from Barapukuria. Unless new mines are opened, almost the entire coal requirement will have to be imported. It will cost 6 billion dollars.

The sector stakeholders say that the energy of the country is becoming dependent on imports day by day. This is increasing the pressure on the economy. The Dollar crisis also added to the situatioin. As a result, a big crisis has been created with energy security. Therefore, the government has emphasized on extraction and exploration of domestic energy. In this context, the energy department has started thinking about the country's coal mines. Among the country's five coal mines, there are plans to extract coal by open pit method at Barapukuria and Phulbari, underground method at Khalaspir and Dighipara and coal gasification method at Jamalganj.

There is a debate about the method of extracting coal from mines for a long . There was a big movement against open pit coal mining from Dinajpur's Phulbari mine. Casualties also occur. After that movement in 2006, the issue of coal extraction from domestic mines was suspended. According to environmental movement activists opposed to coal mining, mining will destroy agricultural land in the area, destroy groundwater management and pollute the environment. Prime Minister Sheikh Hasina has also said several times that coal will not be mined by damaging agricultural land. For this, the energy department is taking a detailed proposal to the Prime Minister. It will include everything from how to manage groundwater, resettlement of locals, making the land cultivable after extraction of coal.

Recently, the Hydrocarbon Unit presented a presentation to the Energy Department on domestic coal. It is said that the demand for energy in the country is increasing. Gas reserves are running low. As a result, the pressure on coal-based power plants will increase. Importing coal to meet the demand of the power plant will require 6 billion dollars a year in the future. Currently, the dollar crisis is disrupting fuel imports. The generation of power plants was almost stopped due to coal shortage.