Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
He went 1st Nov - now CFO of AMRE Power which are next gen electric (bit of swing away from coal - right move Jason).
I can't take another open raise. 1) no more cash I want to sink in here 2) who will buy it??
I have started off 2022 with the same outlook as every year - this is the year I will be able to sell my GCM share as they must be close to presenting! :(
That would be great and is a nice idea. I'm not so sure they'd actually stump up £1m as I assume they are after the higher participation in the project without cost. However, £1m isn't a lot of money to PC. Wonder if GCM will get around to replace Jason Hobson.... Maybe nothing to do for a new employee until we actually get going. Just get on with it GCM!!
GCM always always leave things to the last minute. The company have enough cash until Jan 2022 and we are pretty much there with no update. I hope the financing comes from China as was possibly suggested at the AGM (and thanks Phulbari for the notes last week). This would be a clearer signal that the Chinese still have an appetite in Bangla projects. Or will they just draw up to the remaining £300k Polo facility to keep the lights on and pay the salaries???
As at 30 June 2021, the Group had £717,000 in cash and £732,000 in net current liabilities. The directors and management have prepared a cash flow forecast to December 2022, which shows that the Group will require further funds to cover operating costs to advance the Phulbari Coal and Power Project and meet its liabilities as and when they fall due. Based on current forecasts, additional funding will need to be either raised from third parties or drawn down under the short-term loan facility with Polo Resources Limited ("Polo Loan Facility") by the end of January 2022, in order to meet current operating cost projections. The Directors also note that, under the amended terms of the existing Polo Loan Facility, the lender agreed not to serve a repayment request in cash for 5 years from the date of amended terms, 26 March 2021, or alternatively convert to shares at 7.5 pence per share at the lender's option. The Company does not currently have secured funding arrangements in place to cover this loan or further potential expenditure which may be needed to advance the Project and, accordingly, should Polo request repayment of the Polo Loan Facility, GCM will need to raise funds in a short amount of time, which may not be available on terms acceptable to the Board or on a workable timeframe.
The Company currently has £300,000 available for drawdown under the Polo Loan Facility at the date of this report, and based on projected future cash expenditure, the remaining amount available for drawdown under the Polo Loan Facility at the date of this report is not expected to be sufficient to support the Company's operations for the twelve months from the date of this report. At the current run rates, along with the Company's existing cash resources, this is only expected to provide sufficient capital for the next four months. The Company intends to explore alternative funding options over the next two months, with the aim to complete and secure the necessary third-party funding by the end of January 2022.
All resolutions passed as per usual and thanks for the recent P&Ds
Nice swimming pool, sandy beach and a golf course near by. Don’t be so mean about Minehead.
It’s all about capacity for loss. Only bet what you can afford to lose or earn back. Simple.
I don’t disagree. Lots of rubbish but also some positives reasons behind the projects potential. Fair play for cutting losses and getting money back. A great top up time at GCM :)
Flowkey, my initial stake would get me a luxury holiday for a year. Now I’m off to Butlins in Minehead. I’ll keep holding thanks
Surely if PC have signed a 12 Month MOU extension NFC will. Within 12 months without a deal / finance GCM will be gone
Nice post
I thought BJ’s private jet for yesterday dinner in London says it all
Agreed not looking good for GCM (how could it during COP26?!?) but unfortunately coal is still needed for developing countries and today saw the likes of China, Oz, Poland and India not signing up to quit coal but with the aim or pledge to gradually reduce its use.
Why can't GCM look to use it's revenues from the coal mine to create alternative sustainable energy sources? It's poppy**** that renewables can be funded by the government or by developed nations aid payments. Money from private finance is needed. GCM could help.
Mining licence has how ever long GCM wants. GCM have the option to extend this. Source - GCM website
Ownership
BHP Minerals International Exploration Inc entered into a Contract with the Government of Bangladesh in August 1994, giving it the right to explore and mine coal in Northern Bangladesh.?In February 1998 the Contract was assigned to GCM’s wholly owned subsidiary, Asia Energy Corporation (Bangladesh) Pty Limited, with the endorsement of the Government.?GCM has fulfilled all its obligations under this legally binding Contract and holds a mining lease and exploration licences in the Phulbari area covering the prospective mine site.?Under the terms and conditions of the Contract, a mining lease has a 30 year term (from 2004) and may be renewed for further periods of 10 years (GCM’s option).
China Gezhouba Group International Engineering Co Limited (“CGGC”)
Why don't we every hear about these guys? All we seem to hear is we are working towards deal with Power China and delays....
GCM have a Joint Development Framework Agreement and a Contract Framework Agreement with CGGC in relation to the construction of 2,000MW of mine-mouth power plants, being one of the required three phases (each being 2,000MW mine-mouth power generation).
Source 2020 Annual Reports
Interesting notes from several developed countries - Oz, Japan, India to name a couple that don't want to phase out coal and see it being a big part of low cost power generation.
Source - the wireless
Like one poster said, if Bungla don't want the coal then sell it to India. $$$
Expired but Good news with positive noises about the progression.
The big seller must be gutted.
it is a material fact that would affect the share price so i would assume so
or we were wrong in the dates....
no news is good news?
no news means nothing to tell??
no news means they've left the building???
who knows but another cracking piece of GCM PR again
Sends a clear message for their commitment
I got the same - i.e. expire tomorrow. From memory, we didn't get an RNS until the Monday when a MOU extension went down to the wire in typical GCM fashion so not expecting one first thing.
the billed alternative was natural gas. This is up 20% yesterday in Europe and 6 fold since the start of the year. chop chop GCM
Well at least we will actually know more whether is a potential goer or just straight for the bin. I’ve been in this too long and lost patience hanging on. However I don’t believe the Chinese noise about stopping. Always smoke and mirrors so not selling out on the basis that Chinese capitalism doesn’t give up.
Ffs forgot about that!
NFC is 15th Oct
PC is 6th Dec