GCM Resources PLC Extension of JV Agreements with PowerChina (2025M)
19 January 2021 - 11:56PM
UK Regulatory
TIDMGCM
RNS Number : 2025M
GCM Resources PLC
19 January 2021
19 January 2021
GCM Resources plc
("GCM" or the "Company")
Extension of Joint Venture Agreements with PowerChina
GCM Resources plc (LON:GCM), an AIM quoted mining and energy
company , is pleased to announce that further to the announcement
of 15 January 2021, it has completed the extension of the joint
venture agreements announced on 17 January 2019 and 13 January 2020
("First JV Agreement") and 15 March 2019 ("Second JV Agreement")
with Power Construction Corporation of China ("PowerChina") . The
joint venture agreements which were due to expire on 17 January
2021 and 15 March 2021 respectively have both been extend to 15
March 2022.
Entering into formal extensions to the First JV Agreement and
Second JV Agreement allows the Company to continue its progress for
the development of 4×1,000MW Coal-Fired Power Plant Project ("Power
Plant") at the project site. The Power Plant proposed with
PowerChina is part of the Company's broader strategy to generate
6,000MW of low-cost electricity for the Bangladesh market utilising
domestic coal.
The CEO of GCM, Datuk Michael Tang PJN, stated :
" I am pleased that POWERCHINA and GCM have confirmed the
agreement to extend the JV Agreements and would like to express my
sincere thanks to the POWERCHINA team for the enthusiasm shown in
our partnership to date."
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 WH Ireland Ltd
Keith Fulton James Joyce
Finance Director James Sinclair-Ford
+44 (0) 20 7290 1630 +44 (0) 20 7220 1666
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.
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END
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