GCM Resources PLC Project Update (6113S)
18 March 2021 - 01:55AM
UK Regulatory
TIDMGCM
RNS Number : 6113S
GCM Resources PLC
17 March 2021
17 March 2021
GCM Resources plc
("GCM" or the "Company")
Project Update
GCM Resources plc (LON: GCM), an AIM quoted mining and energy
company , is pleased to provide an update regarding the Phulbari
Coal and Power Project (the "Project") and our Development
Partners.
From communications over the past few days, our Development
Partners have reaffirmed their commitment to progressing the
Project and have acknowledged that the global COVID-19 pandemic had
impacted their ability to meet timelines over the past year.
China Nonferrous Metal Industry's Foreign Engineering and
Construction Co. Ltd ("NFC"), one of our Key Development Partners,
have confirmed they are moving to resume a normal working status
and that they are gearing-up to make progress on commitments for
coal mine development as set out in the Framework Agreement signed
between the parties on 15 October 2020.
Power Construction Corporation of China, Ltd ("PowerChina"),
have additionally confirmed and re-iterated their strong commitment
to the Project and to making progress under the extended JV
Agreements, as announced on the 19 January 2021. PowerChina are
focused on working with the Company to develop the Project using
the most advanced mining and power generating technology, while
adhering to the strictest compliance of health, safety and
environmental standards. Their stated aim is to produce clean and
sustainable energy and power for Bangladesh.
Michael Tang, CEO of GCM, commented : "We are pleased our
relationships with NFC and PowerChina are reaffirmed and that
despite the difficulties over the last 12 months both locally and
globally, they are taking steps to progress their involvement in
the coal mine development which is a cornerstone development for
the Project."
"I would like to thank the teams at NFC and PowerChina, for
their dedication and continuing support, particularly during this
global crisis, towards delivering the Project to the Government of
Bangladesh, its people and 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 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), an 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 coal-fired
electricity in the country, in a manner amenable to the Government
of Bangladesh.
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END
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