Last checked at 19 Jan 2021 12:56
19 January 2021
GCM Resources plc
("GCM" or the "Company")
Extension of Joint Venture Agreements with PowerChina
GCM Resources plc (LON:GCM), an AIM quoted mining and energy company, is pleased to announce that further to the announcement of 15 January 2021, it has completed the extension of the joint venture agreements announced on 17 January 2019 and 13 January 2020 ("First JV Agreement") and 15 March 2019 ("Second JV Agreement") with Power Construction Corporation of China ("PowerChina"). The joint venture agreements which were due to expire on 17 January 2021 and 15 March 2021 respectively have both been extend to 15 March 2022.
Entering into formal extensions to the First JV Agreement and Second JV Agreement allows the Company to continue its progress for the development of 4×1,000MW Coal-Fired Power Plant Project ("Power Plant") at the project site. The Power Plant proposed with PowerChina is part of the Company's broader strategy to generate 6,000MW of low-cost electricity for the Bangladesh market utilising domestic coal.
The CEO of GCM, Datuk Michael Tang PJN, stated:
"I am pleased that POWERCHINA and GCM have confirmed the agreement to extend the JV Agreements and would like to express my sincere thanks to the POWERCHINA team for the enthusiasm shown in our partnership to date."
This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.
For further information:
GCM Resources plc Keith Fulton Finance Director +44 (0) 20 7290 1630
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WH Ireland Ltd James Joyce James Sinclair-Ford +44 (0) 20 7220 1666 |
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GCM Resources plc | |||
Tel: +44 (0) 20 7290 1630 | |||
info@gcmplc.com; www.gcmplc.com | |||
About GCM Resources
GCM Resources plc (LON:GCM), the AIM listed mining and energy company, has identified a high quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the "Project") in north-west Bangladesh.
Utilising the latest highly energy efficient power generating technology, the Phulbari coal mine is capable of supporting power plants of up to 6,000MW. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company has a strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic partners. GCM aims to deliver a practical power solution to provide the cheapest electricity in the country, in a manner amenable to the Government of Bangladesh.