GCM Resources PLC Prefeasibility Study for Further Power Plants (3893A)
11 September 2018 - 5:29PM
UK Regulatory
TIDMGCM
RNS Number : 3893A
GCM Resources PLC
11 September 2018
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 Northland Capital Partners Ltd
James Hobson Nominated Adviser and Broker
Finance Director Tom Price
+44 (0) 20 7290 1630 Jamie Spotswood
+44 (0) 20 3861 6625
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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