GCM Resources Shares Rise After Bangladesh JV Partners Reaffirm Commitment
18 March 2021 - 2:56AM
Dow Jones News
By Anthony O. Goriainoff
Shares in GCM Resources PLC rose on Wednesday afternoon after
the company said that its development partners at the Phulbari Coal
and Power project in Bangladesh have reaffirmed their commitment to
progressing the project and acknowledged that the coronavirus
pandemic affected their ability to meet deadlines over the past
year.
Shares at 1510 GMT were up 1.15 pence, or 15%, at 11.50
pence.
The AIM-listed mining-and-energy company said that its partner,
China Nonferrous Metal Industry's Foreign Engineering &
Construction Co., confirmed that it was moving to resume a normal
working status and gearing up to make progress on commitments for
coal mine development.
GMC's other, partner Power Construction Corp. of China Ltd.,
confirmed and reiterated its strong commitment to the project and
to making progress under the extended joint-venture agreements, the
company said.
"We are pleased our relationships with [our partners] 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," GCM Chief Executive
Michael Tang said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
March 17, 2021 11:41 ET (15:41 GMT)
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