GCM Resources PLC Extension of MOU with NFC and PowerChina (4664J)
14 April 2020 - 4:00PM
UK Regulatory
TIDMGCM
RNS Number : 4664J
GCM Resources PLC
14 April 2020
1 4 April 2020
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Extension of MOU with NFC and PowerChina
GCM Resources plc, an AIM quoted mining and energy company,
announces that, further to its announcement of 13 J anuary 20 20,
it has agreed an extension of the memorandum of understanding ("
MoU ") with China Nonferrous Metal Industry's Foreign Engineering
and Construction Co., Ltd. ("NFC") and Power Construction
Corporation of China, Ltd. (" PowerChina "), for a further six
months, on the same terms as previously announced, in view of the
current coronavirus disease pandemic .
The Company notes that significant progress has already been
made with NFC and PowerChina under the MoU and that this extension
enables the Company to continue towards the formation of a
strategic partnership to jointly develop the Company's proposed
world class high grade coal resource of 572 million tonnes (JORC
2004 compliant)
at the Phulbari Coal and Power Project in North-West Bangladesh (the " Project ").
In relation to the formal proposal to the Government of
Bangladesh, the Company is looking forward to working with
PowerChina and NFC to finalise this in due course. A further
announcement may be made when appropriate.
The Executive Chairman of GCM, Datuk Michael Tang PJN, stated
:
"Whilst the Covid-19 pandemic has delayed our progress with the
Project, we believe that it has encouraged the Government of
Bangladesh to review and enhance its energy security by utilising
local fuel sources, following supply and importation disruptions.
This supports our strategy to become an impact project for the
people of Bangladesh, providing low cost and sustainable
electricity in-country, by combining the Company's coal mine
proposal with mine mouth power plants generating 6,000MW.
"We are also pleased to report that a large part of the process
towards finalising our strategic partnership with NFC and
PowerChina has been completed. Both NFC and PowerChina are highly
respected global companies, and in becoming strategic partners to
the Project, will add tremendous strength and credibility to our
proposal.
"I would like to thank the teams at both NFC and PowerChina for
their dedication and continuing support, particularly during this
global crisis , towards delivering substantial benefits for the
Government of Bangladesh, its people a nd 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 Strand Hanson Limited
Keith Fulton Nominated Adviser and Broker
Finance Director Stuart Faulkner
+44 (0) 20 7290 1630 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 low cost electricity in the
country, in a manner 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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