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Looks like a perfect storm, and is really starting to look like this really could all be coming together …. Bara running at a huge loss and due to close / run out of coal through underground mining method by 2027, but the power plant will still need coal supplied to keep running … Just in time Phulbari starts open pit mining and steps in with that coal supply!!!

Petrobangla incurs huge losses

“And operating profit of Barapukuria coal mine has decreased by 196 percent. This information is known from the monthly report of Petrobangla.

Those concerned said that foreign dependence is increasing in the energy sector.”

https://dailyindustry.news/petrobangla-incurs-huge-losses-in-dealing-gas/

Bangladesh Power Development Board (BPDB)s generation plan is likely to face catastrophe if Petrobangla, the state owned oil and gas corporation, fail to ensure gas-LNG-coal and liquid fuel supply to power plants.

"We are ready to supply 17,000 MW of electricity from March, there is a shortfall in the supply of coal, liquefied natural gas (LNG) and fuel oil (diesel, furnace oil) for power production, we want supply gurantee from Petrobangla " last week the BPDB told in a presentation in a coordination meeting at the Ministry of Power, Energy and Mineral Resources chaired by the State Minister Nasrul Hamid.

He said the capacity of coal fired power plant is 2,692 MW. However, coal is also an imported item, due to dollar crisis Payra and Rampal power plants failed to run full swing last year.

https://www.observerbd.com/news.php?id=462534

Hi Pappi, good to see you at the meeting and thanks for adding that info mate, I totally forgot to mention that part of the AGM, (must be old age lol), but obviously that could actually turn out to be one of the most important statements and bits of information that Gary gave us through the whole AGM!!

I should have also said that it was great to meet some of the other shareholders at the meeting and finally put a face to the name lol, hopefully we will be doing the same again very soon, but as Gary said at the end of the meeting, next time with champagne rather than coffee and tea lol ….

AGM Part 3

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 …….

AGM Part 2

• 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.

• 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….

AGM Report Part 1

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

• 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.

Here is a few bits taken from the article .......

"Many experts believe it was a fatal mistake to forgo the exploration of all known coal fields in Bangladesh when the government decided by around 2012 not to use this precious available reserve."

"Bangladesh went the other way. Policymakers took the advice of good Samaritans who decried the use of coal and the advice of energy experts and sane industrialists fell on deaf ears. So, coal was out and yet when one looks at the successive power master plans of the country, coal-fired power plants featured large in the energy road map. Why? If the country was not going to use its own coal base, what was the point of building these massive coal-fired plants?"

"The widespread use of heavy fuel oil or HFO and / or furnace oil-run plants has turned finances upside down for the energy ministry. This goes on while gas and coal-fired plants remain idle. Gas because there isn't enough natural gas to spare and coal because the country doesn't have enough dollars to import it. "

"To put all this into perspective, per unit of electricity produced by furnace-oil plant stands at Tk17, which is nearly three times that of a coal-fired power plant estimated at Tk6.0 per unit! Now, had the fateful decision to forgo development of own coal reserves not been taken 12 years ago, Bangladesh wouldn't be experiencing any of today's problems"

" At the end of the day, what policymakers should be asking themselves is not how to increase tariff but how to reduce the cost of electricity generation."

https://thefinancialexpress.com.bd/views/columns/why-purchase-expensive-power

Regarding the press, it was said at the AGM that there was an important meeting taking place yesterday in Bangladesh with government ministers to discuss what was thought to be future energy needs …. Hopefully some of that meeting will filter out into the press over the next few days …

Actually, I should have said that we will get confirmation of their positions shortly … it may not be as soon as next week but Nomads are happy with the process….

Morning all, sorry did not get a chance to post about the AGM yesterday, just ran out of time…

Ref NEDs and Non Executive Chairman, yes, company have chosen candidates, and now Nomads doing DD, all seems to be positive though and we should get confirmation of their position next week….. although not introduced officially, the potential new Non Executive chairman was at the AGM yesterday…

Hi adamk87, I did start to write up some notes mate, but have now been dragged out to see the night life of London, lol, I’ll try and do some bullet points when I get back in and then do a more detailed report at the weekend,….

I will say now though and I’m sure others who went to the AGM will back me up, short to medium term GCM does sound very positive !

Well I’m pleased that I was able to make the AGM and was really good to meet Keith, Gary some of the other shareholders ..

All in all a very positive meeting, imho….

I’m staying in London for another couple of days enjoying the sites with my partner so will give a full report sometime over the weekend if others have not already done so …..

Looking positive …. GL all

2.57 paid …

Looks like 2.44 paid ….

Thank you GCM, that RNS is going to make the theatre in London a lot more enjoyable this evening now 😅

Buzzing ….. tomorrow is going to be fun now!!!

Should be a lot more stress free for everyone now!!!

“Nasrul Hamid said the exchange rate of the US dollar was estimated at Tk 70-80 a dollar while setting up the coal-fired power station, but the dollar price increased by Tk 40 per dollar. As a result, power production costs increased immensely. Besides, power tariff is adjusted based on fuel costs across the world.”

https://en.prothomalo.com/amp/story/bangladesh/btz6rrccld

“The neglected reserves of high quality coal should also be considered. A developing country cannot import fuels to sustain a growing economy beyond a certain limit.”

https://www.thedailystar.net/opinion/views/news/how-can-bangladesh-enhance-its-energy-security-3553836?amp

Shagged, I have no idea who 🙄 but someone has bought them whether one person or a few smaller trades, and are already up … So imo is a nice trade!!

Delayed trade from the 23rd Feb …. 1.75 Million shares £35K

Not a bad trade ;)

23-Feb-24 10:35:53 2.00 1,750,000 Unknown* 35.00k