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19 Oct 2021 11:43
GCM Resources plc
("GCM" or the "Company")
Framework Agreement Update
GCM Resources plc (LON:GCM), an AIM quoted mining and energy company, is pleased to announce that it is in discussions with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. ("NFC") to agree a 12 month extension of the framework agreements announced on 15 October 2020 which expired on 12 October 2021.
Entering into formal extensions to the Framework Agreement would allow the Company to continue its progress in relation to the Company's world class 572 million tonnes (JORC 2004 compliant) high grade coal resources at the Phulbari Coal and Power Project in North-West Bangladesh (the "Project") (the "Framework Agreement").
The board of the Company is confident of agreeing such extension terms, and notes the added additional procedures required to complete the extension as a result of recent and as yet unclarified guidance from the Chinese Government in regards to such agreements, and a further announcement will be made once an extension is formally entered into.
The CEO of GCM, Datuk Michael Tang PJN, stated:
"I am pleased that NFC and GCM have engaged in discussions to extend the Framework Agreement and would like to express my sincere thanks to the NFC 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 Andrew De Andrade +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.
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