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Hardly any shares out there now - massive jumps on small buys.
The TR1 will have to wait! :)
Come on GCM, confirm and name the new NEDs!
Just 15 working days left in Quarter1.
Project submittal imminent.
It's all very exciting! :)
'How much does GCM have to fund the mine'
About £3.
That's why we're going on Dragons Den next week :)
Not sure what you're asking there IIka.
But you're not really following the story.
Bangla are committed to coal use for the next 30 years to supply the coal power stations they already have built and need to pay for.
So it's not a decision between gas and coal. They are already committed to coal. Fact.
Bangla is running out of Forex dollars and soon will no longer be able to afford to buy coal to import, ensuring more blackout misery for its people as power stations lie idle. Just like the last 2 summers. This lying idle will also incur capacity fees for Bangla which they already cannot pay.
That's where GCM comes in with the Phulbari coal that will save Bangla $billions in import costs and ensure the coal they need is enough to keep the coal powerstations running and so stop the crippling energy blackouts for the people.
Yes looks like somebody is trying to stay under the radar - buying small but often. Could be a few of them. Maybe some trades are greasing palms :)
This time next year Rodney...... .. :)
Good luck W2NCY
I sold my HE1 yesterday and bought more GCM.
Looking like a brilliant move now. Moved a few others on too. I'm all in here now, this is the future.
Ollie
It is you who is conveniently forgetting the other statements in that RNS - 2 way conversations with government, Project submittal to the Bangladesh Govt in the 1st Quarter of 2024.
Maybe they won't need funding in May.
Where will your strategy leave you then? Lol :)
Www.dginfratech.com/
Very influential energy experts who are promoting GCM to the Bangladesh Government. 1 Independant director is the former Chairman & CEO of Bangladesh Petroleum Corporation, Chairman of Petrobangla.
They are working for GCM but significantly are happy being paid in share payments. As they, more than anybody, know the mood of the government it is very telling that they have held onto all the shares they have received and are now a major shareholder.
As is usual in Bangla, the wrong option was chosen and Barapukuria mine has been abject disaster. Massive amounts of coal was being stolen by management, and the cost of underground mining the coal was so high that it was actually cheaper to import the coal. That was then, obviously things have changed. The underground mining has caused massive problems to the topsoil as well with subsidence and lakes forming. Its a blessing in disguise that the mineable coal is running out.
The Phulbari coal is at too shallow a depth to underground mine but is so close to the surface that it is easily accessible by open pit mining. The cost of extracting the coal will be a lot less than import cost and will also save the Bangla foreign reserves dollars for food and medicines. There will also be money left to fill in the mine once the coal has been extracted. This has been done in Germany very successfully. Bangladesh have to make the right decision this time.
https://nypost.com/2018/06/14/toxic-coal-mines-transformed-into-beautiful-mountain-lakes/
Just to add Mankini, I think the Philbari project is the only mining project Powerchina are committed to. Chinese state owned Powerchina are massive, and are hugely influential partners for GCM.
Ha good find Searcher!
It's clear as day that the new Energy Masterplan involves switching from importing coal to domestic coal. Makes perfect sense as they are committed to coal power no matter what. Why import when its already in the country. No wonder the project submittal is in the first quarter - it must be certain to be approved.
Good find Steve.
This has to be the news we want -
'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.'
Nasrul Hamid shows time and again that he lives in cloud cuckoo land. He talks big but delivers little. He can talk about 9000mw in the future but his concern should be about keeping what he already has running and avoiding crippling power shortages.
Bangladesh is already committed to coalpower and his biggest headache will be keeping them supplied with coal and producing power as -
1. Bangladesh coal burn is rising massively
2. The finance for the newly built coalpower stations has to be repaid
3. Massive capacity payments still have to be made if the powerstations are not used and left idle
4. Bangladesh has very few Forex dollars left to import coal
The cheapest, and only realistic way for them to guarantee regular coal supply for the next 30 years is to dig their own coal. And that can only be done cost effectively by open pit mining at Phulbari.
And only GCM and Powerchina have a project fully prepared ready and waiting to go.
This article most recent from January 2024 makes it clear -
https://www.reuters.com/business/energy/bangladeshs-2023-coal-fired-power-output-tripled-easing-shortages-2024-01-03/
Correct Redeyes. Also interesting that Clean Capital spun the £500k shares at around 2.1p and despite near 100% rise those buyers are not selling. They must have been given a nod and a wink to buy and are happy holding for much bigger profits. Big things are coming for GCM.
The shackles are off Adam, just need the neds confirmed, and identified to give the next boost. Hoping there's a few influential miners and maybe a Bangledeshi in amongst them. That announcement should bring in the buyers. And of course just 27 days left in March for the big 1 - the project proposal. That will see a massive rise once the detail is given. Big month ahead for us all.
The China Powerchina money is definitely in place Pappi, they are committed to getting the project approved :)
Nasrul Hamid, Chinese envoy pledge enhanced cooperation in Bangladesh's power sector.
Welcoming the newly appointed Chinese envoy, Nasrul Hamid said, "China is a tested friend of Bangladesh. Chinese companies are making significant contributions to our energy sector. We wish for a growing and enhanced cooperation from China."
He noted that an estimated $30 billion investment will be required for Bangladesh's energy and power sectors in the next five years.
"There is a huge scope for investment in this sector," the state minister said, suggesting the formation of a specialised team to work on increasing investment opportunity
https://www.google.com/amp/s/www.tbsnews.net/bangladesh/energy/nasrul-hamid-chinese-envoy-pledge-enhanced-cooperation-bangladeshs-power-sector%3famp
I'm expecting/hoping for a few fireworks tomorrow at the AGM as the obvious questions about the project submittal are answered. First quarter they said- that just leaves a date in March for submittal. 31 day countdown. When will it be made, who will it be made to, what government participation was involved in the 2 way conversations, will it be a huge presentation, will Powerchina be involved, what are the chances of getting a deal done.........
If not all the information some should be revealed. Today's late RNS should alleviate some concerns about delisting and allow a real positive re-rate if some juicy bones are thrown.
Roll on tomorrow, here's hoping for the best AGM in a long time.............