GCM Resources PLC Contract Framework Agreement (5020I)
22 March 2018 - 3:23AM
UK Regulatory
TIDMGCM
RNS Number : 5020I
GCM Resources PLC
21 March 2018
21 March 2018
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Contract Framework Agreement with Strategic Partner
GCM Resources plc ("GCM" or the "Company"), a London based
resource exploration and development company, is pleased to
announce that the Company has agreed a Contract Framework Agreement
with its strategic partner China Gezhouba Group International
Engineering Co. Ltd ("CGGC").
The Contract Framework Agreement awards CGGC the exclusive right
for the engineering, procurement, construction, and commissioning
of a proposed 2,000MW mine-mouth thermal power plant at GCM's
proposed coal mine in North-West Bangladesh for an agreed initial
estimated cost of US$3.8bn which shall be subject to further
adjustments when the parties finalise a full engineering,
procurement, construction and commissioning ("EPC") contract. This
agreement follows on from the Joint Development Framework Agreement
announced on 9 March this year which outlined the roles and
responsibilities of both companies in pursing approval of the
Phulbari Coal and Power Project.
CGGC is the main international business company of both China
Gezhouba Group Corporation and China Energy Engineering Co. Ltd
("Energy China"). Energy China is a super central state-owned
enterprise, and in 2017 ranked 312(th) in the Fortune Global 500.
In the last three years, Energy China engaged in the design and
construction of power plants with a total installed capacity of
nearly 220GW, ranked first in the world.
Datuk Michael Tang PJN, Executive Chairman stated "We are
delighted to finalise this EPC framework agreement with CGGC, which
is to build the proposed 2,000MW mine-mouth thermal power plant
provided that consent is obtained from the Government of Bangladesh
and upon a definitive EPC agreement being negotiated. We look
forward to working together with CGGC to move the Company's Project
forward. The Project can support up to 6,000MW at the mine-mouth
and/or at other strategic sites within 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 Northland Capital Partners
James Hobson Ltd
Finance Director Nominated Adviser and
+44 (0) 20 7290 1630 Broker
Tom Price
Matthew Johnson
+44 (0) 203 861 6625
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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