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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.............

Can't see the recent buyers buying without knowing the NEDs we're going to be appointed.

Looks like the last of the £500k has been moved on. Fully expect this to rise now, massive gains on the NED announcement and then another jump after the AGM when more information should be released, then another jump once the project proposal goes in.

Big things coming to GCM.

Powerchina have stuck with GCM knowing full well Bangladesh would have change tack at some point. Powerchina takes this project really seriously and we can be sure they are pushing with all their might to get it up and running. China knows how important cheap energy supplied without blackouts is. How good is it to see GCM's name alongside Powerchina.

https://www.observerbd.com/news.php?id=178916

Bit more detail. If only Hasina had made the right call the Bangladesh economy and energy wouldn't be in the diabolical state it is now.

https://www.observerbd.com/news.php?id=178916

China's energy giant inks deal with leading British company for Bangladesh power plant

Ding Zhengguo, chairman of PowerChina International, said they were delighted to be a partner with GCM to deliver an integrated mine and power plant for the people of Bangladesh.

"Completing the JV agreement and EPC contract are very important steps in progressing the combined project. As the power plant contractor, we are committed to a positive relationship with the community and to constructing an environmentally friendly power plant for the benefit of the local people."

http://www.xinhuanet.com/english/2019-01/18/c_137754936.htm

They¹ must have been given positive information to make the order and presumably have passed on that information to the buyers who are feverishly buying.

The sells have been done in the big lumps, but why are all the buys being done small but often?

They must be delaying the news about the neds being appointed until the broker has worked through all the sells.

Once the neds are done this will really move up.

Soon as the completed proposal is submitted it will really fly. Last time when the Powerchina deal was inked it hit near 70p. Seems so long ago now. Let's hope the submittal is given the same fanfare with the press and Powerchina Chairman present again. Q1 they said so that's til the end of March but really could be any time.

You need to stop talking about 'in the know' as you look very foolish. W2NCY supplied CTW's contact number to the board so any wise owl would have joined the dots and deduced that this was his source. But not you.

Too twit too woo!

Its nothing personal Wise Owl. Most of us have been here a while and see the latest Bangladesh/coal expert like 'Wise Owl' pop up on the board after every rise, stuck on the spike and desperately ramping before they sell up at a loss and move on to the next big thing, never to be heard from again!

Looks like wise owl has given up trying to drop the price with his negativity, must have bought at the current so and is now back ramping it up again! Given his big holding at MATD is dropping like a stone his desperation is clear to see.

A wise old owl lived in an oak,

The more he saw the less he spoke,

The less he spoke, the more he heard,

Why aren't we all like that wise old bird?

'The master plan also includes coal exploration, going against the government’s earlier decision of moving away from coal power'

Is this a new development? This must be highly significant for GCM.