GCM Resources PLC Memorandum of Understanding (0050P)
11 November 2016 - 12:45PM
UK Regulatory
TIDMGCM
RNS Number : 0050P
GCM Resources PLC
11 November 2016
11(th) November 2016
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Memorandum of Understanding
Mine-Mouth Power Plants
GCM Resources plc ("GCM" or the "Company"), a London based
resource exploration and development company, is pleased to
announce that a memorandum of understanding ("MOU") has been agreed
with China Gezhouba Group International Engineering Co. Ltd
("CGGCINTL").
The MOU provides for parties to engage and mutually investigate
the feasibility of a joint venture with respect to the development
of mine-mouth coal fired power plants generating up to 2,000MW in
total at the Phulbari Coal and Power Project site.
CGGCINTL is a subsidiary of China Gezhouba Group Corporation
(CGGC), which in turn is a core member of China Energy Engineering
Group Co., Ltd., a super central state-owned enterprise of the
People's Republic of China. CGGC's businesses cover the design,
construction, investment and operation in power, water conservancy,
highways, railways, bridges, municipal works, airports, ports,
waterways, industrial and civil buildings, as well as real estate
and coal mining amongst others.
The Executive Chairman of GCM, Datuk Michael Tang, stated: "We
are delighted to have established this relationship with China
Gezhouba Group International Engineering Co. Ltd, one of the
largest and most respected engineering companies in the region and
look forward to working with them for the mutual benefit of both
parties."
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 Bell Pottinger
James Hobson Greg Wood
CFO & Company Secretary +44 (0) 20 3772 2500
+44 (0) 20 7290 1630
ZAI Corporate Finance
Ltd
Nominated Adviser and
Broker
Peter Trevelyan-Clark,
John Treacy
+44 (0) 20 7060 2220
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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November 11, 2016 07:45 ET (12:45 GMT)