Last checked at 27 Feb 2019 13:00
27 February 2019
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Update re Formal Proposal to Government
GCM Resources plc (AIM:GCM), a resource exploration and development company, announces that, further to the Company's announcement 17 January 2019, in relation to entering into the Joint Venture Agreement and a definitive Engineering, Procurement and Construction Contract with Power Construction Corporation of China, Ltd ("PowerChina"), it can confirm that it continues to work with PowerChina on formal proposal to the Government of Bangladesh. However, further to the Company's announcement of 27 November 2018, whilst good progress is being made in this regard, the formal proposal will not be made by the initial target date of 28 February 2019. A further announcement(s) will be made in due course, as and when appropriate.
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
|
Strand Hanson Limited Nominated Adviser and Broker Stuart Faulkner Rory Murphy James Dance +44 (0) 20 7409 3494 |
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.