Last checked at 17 Mar 2021 14:55
17 March 2021
GCM Resources plc
("GCM" or the "Company")
Project Update
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, is pleased to provide an update regarding the Phulbari Coal and Power Project (the "Project") and our Development Partners.
From communications over the past few days, our Development Partners have reaffirmed their commitment to progressing the Project and have acknowledged that the global COVID-19 pandemic had impacted their ability to meet timelines over the past year.
China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd ("NFC"), one of our Key Development Partners, have confirmed they are moving to resume a normal working status and that they are gearing-up to make progress on commitments for coal mine development as set out in the Framework Agreement signed between the parties on 15 October 2020.
Power Construction Corporation of China, Ltd ("PowerChina"), have additionally confirmed and re-iterated their strong commitment to the Project and to making progress under the extended JV Agreements, as announced on the 19 January 2021. PowerChina are focused on working with the Company to develop the Project using the most advanced mining and power generating technology, while adhering to the strictest compliance of health, safety and environmental standards. Their stated aim is to produce clean and sustainable energy and power for Bangladesh.
Michael Tang, CEO of GCM, commented: "We are pleased our relationships with NFC and PowerChina are reaffirmed and that despite the difficulties over the last 12 months both locally and globally, they are taking steps to progress their involvement in the coal mine development which is a cornerstone development for the Project."
"I would like to thank the teams at NFC and PowerChina, for their dedication and continuing support, particularly during this global crisis, towards delivering the Project to the Government of Bangladesh, its people and our stakeholders."
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), an 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 coal-fired electricity in the country, in a manner amenable to the Government of Bangladesh.