GCM Resources PLC Press Speculation (6974K)
23 September 2016 - 9:16PM
UK Regulatory
TIDMGCM
RNS Number : 6974K
GCM Resources PLC
23 September 2016
23(th) September 2016
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Press speculation
GCM Resources plc ("GCM" or the "Company"), a London based
resource exploration and development company, has noted the press
speculation in the Bangladesh media in relation to the Barapukuria
coal mine in Bangladesh, a mine site which is unrelated to the
Company, and comments attributed to the Energy and Mineral
Resources division of the Government of Bangladesh.
The reports suggest that the Energy and Mineral Resources
Division of the Government of Bangladesh ("Government") has decided
not to proceed with open pit mining at the Barapukuria coal mine
site. One report also insinuates that the Government's decision
also affects the Company's Phulbari Coal Project.
While GCM is in the process of verifying the accuracy of the
media reports, the Company wishes to advise the following:
1) The press speculation is predominantly in relation to the
Barapukuria coal mine, which is unrelated to the Company.
2) The Company, through its subsidiaries, has a legally
enforceable contract with the Government of Bangladesh which gives
it the right to explore, develop and mine in respect to the licence
areas. GCM is awaiting Government approval of the Scheme of
Development to proceed with mine development.
3) GCM has received no notification from the Government of any change to its contract.
The Company estimates the Phulbari Coal Project will deliver
over $2bn of inward investment into Bangladesh, supply high quality
thermal coal to support up to 4,000MW to Bangladesh, while
providing US$7bn of revenue to the Government over the Project's
life. Within the north-west region of Bangladesh, development of
the Project is expected to create 17,000 jobs, develop new
industries and increase agricultural production by facilitating
year round irrigation, through water and electricity
availability.
A detailed Definitive Feasibility Study and Environmental and
Social Impact Assessment has been prepared by internationally
recognised consultants to achieve the optimum amount of coal
extraction while minimising environmental impact and effectively
addressing water management issues.
For further information:
GCM Resources plc Bell Pottinger
James Hobson Greg Wood
CFO & Company Secretary +44 (0) 20 3772 2500
+44 (0) 20 7290 1630
ZAI Corporate Finance
Ltd
Nominated Adviser and
Broker
John Treacy
+44 (0) 20 7060 2220
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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