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Asked about the steps to raise power tariff, Nasrul said on Tuesday that the government will have to raise the price because its plan to lower the cost of production by burning cheaper fuel coal did not work because of a rise in dollar price.

As a result, the cost of power production has increased. Now we are forced to raise the prices slightly,” he said.

The exchange rate of the dollar was Tk 75 when the government approved several coal-fired power plants. Now the dollar is priced between Tk 110 and Tk 115. Coal prices are also fluctuating.

https://bdnews24.com/amp/story/business%2F0q5mouvs0d

Another 1.5 Million after hours trade ….

Bangladesh power, energy sectors struggle with mounting dues

https://www.fibre2fashion.com/news/industrial-textiles-news/bangladesh-power-energy-sectors-struggle-with-mounting-dues-293184-newsdetails.htm

And the important part of the statement for me which fits in with the GCM end of year statement

“Development status

The project construction is expected to commence from 2025. Subsequent to that it will enter into commercial operation by 2027.”

I still think this is worth reposting!

The Phulbari Coal Fired Power Plant II is 2,000MW coal fired power project. It is planned in Rangpur, Bangladesh. According to GlobalData, who tracks and profiles over 170,000 power plants worldwide, the project is currently at the permitting stage. It will be developed in multiple phases. The project construction is likely to commence in 2025 and is expected to enter into commercial operation in 2027

The project is being developed and currently owned by GCM Resources and Power Construction Corporation of China. The company's ownership stake in the project stands as 80% and 20% respectively.

Development status

The project construction is expected to commence from 2025. Subsequent to that it will enter into commercial operation by 2027.

https://www.power-technology.com/marketdata/power-plant-profile-phulbari-coal-fired-power-plant-ii-bangladesh/?cf-view

“Coal power generation is expected to double compare with last year this summer.

The coal price is expected to remain stable in 2024, but the persisting dollar crisis might stand in the way of fully using coal power capacity, energy experts said.”

https://www.newagebd.net/article/225946/dark-nights-hot-days-feared-in-long-summer

That makes no sense …. Games are definitely being played here now …. We get that £10K buy at 2.27 and then we get a small order at 2.35 and they then drop the price to 2.00 - 2.20

They really are trying hard today lol

Another £10,000 buy order, but having to pay 2.28 now ....

just over 4 Million traded

There we go… finally they let the breaks off … 2.05 - 2.35

Nice 500,000 buy just gone through, maybe that’s one of the orders they have been working 🤷‍♂️

How frustrating, decided to have a top up this morning, but had to break the purchase up into three buying orders in order for me to get the order filled ....

Probably just worth re-posting this article from Friday... nice to see the timelines fit in with what was said in the GCM end of year report .....

"The 2,000MW thermal project, Phulbari Coal Fired Power Plant II is expected to get commissioned by 2027. It is being developed by Power Construction Corporation of China; GCM Resources. The project is currently in permitting stage. Power Construction Corporation of China; GCM Resources is the owner of the project."

https://www.power-technology.com/data-insights/top-5-thermal-power-plants-in-development-in-bangladesh/

“The businessmen have urged the government to strengthen efforts for exploration of oil, coal, and gas from domestic sources to ensure uninterrupted energy supply for smooth operation of the industries.”

https://www.tbsnews.net/bangladesh/energy/fbcci-urges-strengthening-oil-gas-exploration-ensure-uninterrupted-supply?amp

Just been listening to this again.... its an hour of my life i will never get back and a great way to spent my Saturday night...Not!! lol....

Much of it is not spoken in English, but if you skip to 34 mins in, they start to discuss coal in more detail and in broken English, and Phulbari is discussed, comments made are ...

"we have high quality coal"

"It absurd not to open pit mine at Phulbari"

"We have enough coal here for 50 years"

"water management survey has been done"

"Resettlement program has been completed"

Way Forward

" Our 1st challenge is to take the decision of mining our own coal"

IMVHO, With this and other articles and events over the last few weeks, this is all finally becoming very positive for GCM....

https://www.youtube.com/watch?v=-56btQ6esPo

"Energy transition leads Bangladesh to plan substantial cut in import of petroleum products in 2024 as gasoil demand falls amid increasing switch to power production from coal-fired plants, sources said."

""The country, on the contrary, is relying more on coal and imported LNG for future power generation," he added."

""These coal-fired power plants in Bangladesh alone will require around 45,000 tonnes of imported coal per day," says the official.

Experts say the import dependence for coal could be cut through mining domestic deposit of the fossil fuel discovered in huge volumes in the northern Dinajpur district."

https://today.thefinancialexpress.com.bd/last-page/power-production-from-coal-up-several-oil-plants-shut-1708189663?amp=true

There is lots being said in this link and too much to type here, so you will have to listen to the whole video to get the full understanding and meaning of this, but in summary …..

THE WAY FORWARD.......

On slide at about 47 mins in point one at the top of the page is…….

1) Taking a decision of mining coal

https://www.youtube.com/watch?v=-56btQ6esPo

Wiseowlspeak, I think that you do the general shareholder a disservice about what will encourage them to buy or sell from what’s posted on these BB’s and what actually started the larger volume in buying this week.

W2NCY posted his info on the 14th Feb at about 14.20, rightly so there obviously was a lot of interest in his comments, but his post did not from memory create any larger volume in buying or selling than we had already seen earlier in the day.

The buying actually started yesterday after a press article I posted at about 1 O’clock

Phulbari Coal Fired Power Plant II

"The 2,000MW thermal project, Phulbari Coal Fired Power Plant II is expected to get commissioned by 2027. It is being developed by Power Construction Corporation of China; GCM Resources. The project is currently in permitting stage. Power Construction Corporation of China; GCM Resources is the owner of the project."

https://www.power-technology.com/data-insights/top-5-thermal-power-plants-in-development-in-bangladesh/

I believe the reason that the article caused such interest was because of what was said in it and how the timelines stated in the article fit in with what’s being said in the GCM end of year report…..

IMO I believe that we will get news about the NED’s before the AGM and although like all I would be stupid to not be slightly concerned, I do personally believe this issue will now be resolved, so am quite relaxed about the subject.

In the meantime I am looking forward to more press speculation and hopefully many more mentions about Phulbari and the government using their own coal in the coming days / weeks …..

A couple of comments that are said about the film in the link....

" As a Bangladeshi mining engineer, it is very regrettable that Bangladesh is importing D grade coal instead of utilizing its own good quality coal.

A lot of information has been presented. I know my A-Z about this mine and you covered it all brilliantly"

"In the developed world, the main power of a country depends on how much natural resources it has. Alhamdulillah, we have huge coal mines."

"My house is here bro, we are the pride of northern part of Dinajpur Bangladesh because of coal mining"

"As a Bangladeshi mining engineer, it is very regrettable that Bangladesh is importing D grade coal instead of utilizing its own good quality coal.

A lot of information has been presented. I know my A-Z about this mine and you covered it all brilliantly."

The above are not my words but those from comments from the Bangladesh people about the link posted ..

"Just imagine the SP back in the day…unbelievable"

I am sure that once we get the official confirmation RNS saying we have taken on 1 or 2 new NED's, we will be looking at a very different picture here..... all imho of course......

Mmmmm not sure if this is achievable .....

"The 2,000MW thermal project, Phulbari Coal Fired Power Plant II is expected to get commissioned by 2027. It is being developed by Power Construction Corporation of China; GCM Resources. The project is currently in permitting stage. Power Construction Corporation of China; GCM Resources is the owner of the project."

https://www.power-technology.com/data-insights/top-5-thermal-power-plants-in-development-in-bangladesh/