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Ilka, great first post hahahaha, obviously you have not even spent five minutes on research... maybe you should try....

The only mining taking place at the moment in Bangladesh is being done at Bara, they have already come out and said that they will run out of coal that they can mine using the underground method by 2027...

Phulbari mine is the ONLY other area that has had all the feasibility studies etc all completed and ready to go once given approval from the GoB....

I'll let you do a bit of research yourself now lol

GL

Hi Stevehuges, yes if I am honest, I am slightly surprised that the news has not encouraged more buying today, but when you think that it was only a very short time ago that we were sitting at below 1p I guess at some point we had to take a breather lol, The article posted this morning is actually is a really important article and gives encouraging info about the near future for GCM and Bangladesh using their own coal, but I guess because this has been going on for so many years now, many have become quite sceptical about whether it will ever actually happen….

The reason that I feel so positive is, one, from listening to Gary and Keith at the AGM, but then also because of the situation in the country at the moment, they are now in a situation where they physically cannot continue to pay for the imported coal in the long term future, so now they have to change their stance on how they move forward, and I believe that the recently updated IEPMP report, some of which was shown in this mornings article is a big step forward and positive for Phulbari and GCM!

• Obviously, the next big news will be confirmation in the next few days of who the new NED’s and NEC are!

• Its going to be really interesting to see who they are and what background they have.

• This RNS will IMHO be a big SP mover!!

• Any time in the coming days / weeks we will start to hear what the new future governments Master Energy Plan will be.

• We have already been advised to expect that this will include using own coal

• As we all know, as soon as using own coal is mentioned it will mean Open Pit Mining at Phulbari because this is the only mine in Bangladesh with all the studies completed and ready to go!

• If they do give the go ahead in the next few weeks / months it means that Phulbari should be able to supply Bara power plant in 2027 when Bara run out of coal and their licence expires

• I would still expect many news articles being ever more positive regarding using own resources in the coming weeks

• Then the big question… How and when will Hasina announce to the country that they are going to mine at Open Pit Mine Phulbari and how she is saving the country by using their own resources!

All in all, an exciting few weeks / months ahead, all of course imo! lol

Yes I did ask the question of why we had intra-day RNS’s on occasions and was told that it’s not always the choice of GCM when they were released and that sometimes they had been advised to release them by the Nomad when certain news had been confirmed!

Morning GUN, you’re welcome, it’s so good to finally seeing this all hopefully coming together!

It’s also good to see that they are seeing the new technology in coal fired plants as clean fuel ….

“The IEPMP mentions the use of advanced technology and fuel cells to achieve clean energy targets. It includes coal-fired power plants with Carbon Capture and Storage (CCS) technology, nuclear, coal co-fired with ammonia, and hydrogen co-fired with gas (LNG) as clean energy sources. ”

Also the statement in the article that Pappi pointed out is so important!!

“change hints at the government's willingness to keep fossil fuel use, especially of coal, alive''

I’d expect more news articles in the coming days /weeks expressing this opinion more and more …

“Overall, the freshly approved IEPMP seems to chalk out the coal transition from imported to domestic coal rather than transitioning from fossil fuel to renewable or clean energy.”

“De facto coal transition

Through advanced coal-intensive technologies, the government is trying to keep coal alive and further expand the domestic use of imported LNG. The new IEPMP unreasonably assumes that domestic coal production will continue to increase by 2050. This is mainly for ammonia co-fired with coal and CCS technologies to clean coal. Overall, the freshly approved IEPMP seems to chalk out the coal transition from imported to domestic coal rather than transitioning from fossil fuel to renewable or clean energy. This indicates that the government is willing to start walking in the opposite direction of renewable energy targets.”

https://www.thedailystar.net/opinion/views/news/bangladeshs-energy-backtrack-3559926?amp

FBCCI still shouting about using the countries own resources!!

“ The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has recommended strengthening the ongoing oil, gas and coal exploration efforts, aiming to ensure uninterrupted supply of energy to the industries and other sectors.”

https://ep-bd.com/view/details/article/OTkxMQ%3D%3D/popular-article/title?q=fbcci+for+further+exploration+of+oil%2C+gas%2C+coal

Blumagnet, this is a really interesting article, thank you for sharing....

The below is taken from the article, funnily enough this information was confirmed to me at the AGM last week, and also explains why at COP28 Bangladesh were apparently told that they should be utilising their own coal / resources rather than importing them, again this was said at the AGM.

"Overall, the environmental impacts of imported coal were higher than locally mined coal if the mining process at the source is considered."

Looks like its going to be another high volume day, with someone in the background building a very nice position imo.....

I wonder how long they can continue to play these gammes and hold the price at this level.......

I guess until we get the NED's and NEC positions RNS confirmed hopefully very soon .....

Bangladesh will have to continue to import power, whether they can really afford it or not from all different sources, especially short to medium term, they will and have also started to invest millions through various loans in renewables for the longer term solution, and we have been and will continue to read articles about all of this in the future, but that does not retract from the point that they still have all their existing coal plants spread throughout the country that will need a coal supply for many years to come which the government cannot continue to afford to import coal for long term due to their Forex reserves being so low, and that’s where using their own resources and Phulbari open pit mining steps in!!

RESOURCES

GCM Resources plc has identified a world class coal resource of 572 million tonnes (JORC 2004 compliant) near the town of Phulbari in North West Bangladesh. The resource is made up of 60% high quality thermal coal, with low ash metallurgical coal, also known as semi-soft coking coal, making up about 20%. The remaining thermal coal is also good quality and will have applications in industry and power generation. The coal seam thickness varies between 20 and 65 metres at depths between 165 and 270 metres and 90% of the open cut mining reserve is contained in two thick coal seams separated by a stone band that is typically 1-2 metres thick. The average strip ratio of 7.5 bcm per recoverable coal tonne is highly competitive. The drilling and gravity surveys suggest the basin remains open and extends further southward. Additional drilling will confirm the southern extent of the coal basin.

The coal will be extracted by the open cut mining method using trucks and hydraulic excavators as this is the safest and most efficient approach for the thick Phulbari coal seams and general geological conditions. Open cut mining is an established mining method and will enable maximum extraction of the coal seams along with progressive land rehabilitation and restoration of agricultural activities. In addition to coal, a variety of valuable industrial mineral co-products will be recovered from the overburden which is removed to expose the coal prior to excavation.

The coal will be used in domestic power generation (mine mouth and elsewhere) and in domestic industries such as clay brick and coal briquette production. Coal for the domestic market can also be transported from Phulbari by rail.

PROJECT STATUS

GCM has invested over £55 million in the Project to 30 June 2020 preparing the Feasibility Study, Scheme of Development, Environmental and Social Impact Assessment, Management Action Plans and more recently extensively refining and updating the work carried out in the Feasibility Study. Explaining the Project to a wide range of stakeholders in Bangladesh also continues.

The Department of Environment approved the Project's Environmental Impact Assessment in September 2005. The Project's Feasibility Study and Scheme of Development report was submitted to the Government on 2 October 2005 for approval.

Although a Scheme of Development for mine development was submitted to the Government of Bangladesh in 2005 and still awaits approval, this document did not portray the mine as “captive” with an ultimate deliverable to the Government being 6,000MW of reliable, low-cost power. To this end, the Company’s business model has developed significantly over time and the Project is now considered to comprise four integrated “Business Units”, being the captive coal mine and the three 2,000MW power projects that will be commissioned in-line with the ramp-up to the nameplate 15Mtpa coal production. It is envisaged that the coal mine’s viability will be underpinned by coal supply agreements with each of the three power projects and, in turn, the power projects’ viability will be underpinned by the supply of reliable, competitively priced coal extracted from the Phulbari coal mine.

All the info requested and more is in depth details are on the GCM website, …..

ECONOMICS

The Phulbari deposit is conducive to a long life, low cost open pit mining operation. The production costs will be in the lowest quartile of industry cost curves for both seaborne traded thermal coal and semi-soft coking coal. Substantial initial investment relating to equipment costs, site preparation, box cut development, and initial resettlement and other community programmes, will take place over a three year period leading up to the commencement of commercial coal production. The ramp up to saleable coal production of 15 million tonnes per annum will take a further five years. The coal will be used in domestic power generation and domestic industries such as clay brick and coal briquette production. Options regarding the semi-soft coking coal extraction and marketing remain under consideration.

The combination of high quality coal, a large coal resource, thick seams, highly competitive average stripping ratio, low operating costs, a project life of over 30 years and easy access to domestic markets make Phulbari a world class coal project.

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

So that's over 7 million traded today, with another 350K delayed trade

UT for the day was at 4.15, so we have finished the day on i high, which obviously bodes well for tomorrow I would think ...

To add, I would suggest that all this trading is not all coming from just PI's ??

Wow!!

So that's over 6 million that has been traded today and all at around the 4p mark... that takes some controlling by the MM's to do that, and it also would not surprise me if we see some delayed trades ...

That's some accumulating of shares by someone...

would love to hear others thoughts on this ??

Good volume again with over 4.1 million traded now...

Most of the trading today has been around the 4p mark, so you would like to think that the 4p resistance will be broken soon......

Funny, but i did just take a look at that earlier from the link above, and it seems that there are not any .....

Open Short Positions in GCM Resources

There are currently no open short positions in GCM Resources.

Morning Papi, good points to make mate, the only thing that I would add to that is the fact that he did go into some detail about all the extra spin offs of other minerals that the mine would also produce, that would massively benefit the country because these are at the moment also having to be imported, so its just not the coal from Phulbari that would benefit the country….

Looks like another good volume day with 3.3 Million already traded and feels like we have finally broken 4p again... on wards and upwards now hopefully.. ;)

Really looking forward to see the trading when we get the RNS hopefully confirming all the new NED's and Non Exec Chairman's positions .....