REG - GCM Resources PLC - Project Update

GCM ResourcesAnnouncement

08/08/2024 07:00

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RNS Number : 6283Z  GCM Resources PLC  08 August 2024

8 August 2024

 

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM)

 

 

Project Update

 

The Company advises that the staff, Dhaka office and Phulbari facilities of
its wholly owned subsidiary, Asia Energy Corporation (Bangladesh) Pty Ltd,
remain safe following the past two weeks of country-wide protests in
Bangladesh and the subsequent resignation of their Prime Minister on 5 August
2024.

 

GCM's Chief Operating Officer is in Bangladesh and reports that staff are in
good spirits and had taken precautions to minimise personal risk and protect
company assets.

 

With the departure of the Prime Minister, the protesters are engaged with the
President and Chief of Army Staff to map the way forward for the country.
The first step has been that parliament was officially dissolved. Their next
step is to quickly appoint an "Interim Government".  Although the full
composition of this Interim Government is yet to be confirmed, it is reported
that Nobel Laureate Dr Muhammad Yunus has accepted to take the lead as Chief
Adviser.

 

Our Chief Operating Officer today reported the situation in Bangladesh is calm
and moving towards normality.  Appointing the Interim Government is a high
priority to underpin law and order and continued development of the country.

 

Meanwhile, as also reported in the media over the past months, it is confirmed
that the Bangladesh Power and Energy Ministry has prepared a presentation
promoting the immediate development of the country's domestic coal deposits
(including Phulbari).  It continues to be reported that Bangladesh must
develop its own energy resources to off-set expensive imported energy products
with their inherent supply and cost risks.

 

It is envisaged any new Bangladesh government will need to make decisions on
energy supply. The Company is ready to assist and put forward the Phulbari
coal mine development as an important contribution towards stabilizing the
coal supply for Bangladesh's existing coal fired power plants, which now
includes another brand newly commissioned 1,320MW power plant in the Payra
area.

 

The Company is closely monitoring the situation in Bangladesh and will provide
further updates as appropriate.

 

For further information:

 

 GCM Resources plc                                        Zeus Capital Limited

 Keith Fulton                                             James Joyce

 Finance Director                                         James Bavister

 +44 (0) 20 7290 1630                                     Andrew De Andrade

                                                          Tel:  0203 829 5000
 GCM Resources plc
 Tel: +44 (0) 20 7290 1630
 info@gcmplc.com; www.gcmplc.com (http://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 can support some 6,600MW. The Project site can also support
over 2,000MW of Solar Power capacity throughout the Project life span. GCM
requires approval from the Government of Bangladesh to develop the Project.
GCM requires approval from the Government of Bangladesh to develop the
Project. The Company has a strategy of linking the Company's mine proposal to
supplying coal to the Government of Bangladesh's existing and in the pipeline
coal-fired power plants and / or power plants implemented with its development
partner. Together with its credible, internationally recognised strategic
development partner, 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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