Last checked at 11 Sep 2018 08:29
11 September 2018
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Prefeasibility Study for
Further Mine-Mouth Power Plants
GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, is pleased to announce that it has agreed with Sinohydro Corporation Limited ("SINOHYDRO") for SINOHYDRO to undertake a prefeasibility study and other due diligence on proposed mine-mouth coal fired power plants which would generate up to 4,000MW at the Phulbari Coal and Power Project site. These power plants would be in addition to the existing 2,000MW power plant proposal.
SINOHYDRO is the international flagship company of Power Construction Corporation of China, Ltd ("POWERCHINA") which is a State-owned Key Enterprise of People's Republic of China. POWERCHINA is a world-leading integrated engineering construction group that provides one-stop services covering planning, survey, design, construction, construction management, investment and operation in energy & power sectors, such as water conservancy & hydropower, thermal power, new energy and power grid, in water resources management & water environment projects, and in infrastructure fields. POWERCHINA claims its power development (in planning, design, construction, etc.) capacity and performance tops the industry worldwide. In 2018, POWERCHINA ranked 182nd among Fortune Global 500, 41st among Top 500 Enterprises of China; came 6th in the list of the world's 250 largest global contractors and placed 2nd among top 150 engineering design companies worldwide according to Engineering News-Report.
The Executive Chairman of GCM, Datuk Michael Tang PJN, stated "We are delighted to have attracted POWERCHINA's interest in the Phulbari Coal and Power Project. The Company has a strategy to partner with large credible engineering firms to package together a combined mine and ultra-supercritical thermal power plants generating 6,000MW. The agreement announced today is another step in that direction. POWERCHINA is one of the largest and respected engineering and infrastructure development companies globally and we are looking forward to working with them for the benefit of all parties including the people of Bangladesh."
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 James Hobson Finance Director +44 (0) 20 7290 1630
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Northland Capital Partners Ltd Nominated Adviser and Broker Tom Price Jamie Spotswood +44 (0) 20 3861 6625 |
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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 resource exploration and development company, has identified a world class 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 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, and thus delivering a practical power solution that is amenable to the Government of Bangladesh.