GCM Resources PLC Joint Venture Update (9147L)
January 15 2021 - 10:57AM
UK Regulatory
TIDMGCM
RNS Number : 9147L
GCM Resources PLC
15 January 2021
GCM Resources plc
("GCM" or the "Company")
Joint Venture Update
GCM Resources plc (LON:GCM), an AIM quoted mining and energy
company , is pleased to announce that it is in discussions with
Power Construction Corporation of China ("PowerChina") , to agree a
12 month 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") which are otherwise due to
expire on 17 January 2021 and 15 March 2021 respectively.
Entering into formal extensions to the First JV Agreement and
Second JV Agreement would allow 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 board of the Company is confident of agreeing such extension
terms and a further announcement will be made once an extension is
formally entered into.
The CEO of GCM, Datuk Michael Tang PJN, stated :
" I am pleased that POWERCHINA and GCM have engaged in
discussions 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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