GCM Resources PLC Resignation of Director & Project Update (5244M)

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RNS Number : 5244M

GCM Resources PLC

15 September 2023

GCM Resources plc

("GCM" or the "Company")

Resignation of Director & Project Update

GCM Resources plc (LON:GCM), an AIM quoted mining and energy company , announces that for personal reasons Mohd Najib Bin Abdul Aziz has reluctantly tendered his resignation from his position as Independent Non-Executive Chairman. The Board would like to take this opportunity to thank Najib for his services during the period from June 2019 to date, and to wish him success in the future. Najib's resignation takes effect from 11 October 2023. The Company is currently in the process of recruiting new Independent Non-Executive Directors ("NEDs").

As a result of Najib's resignation, the Company is pleased that Independent Non-Executive Director, Christian Taylor-Wilkinson, has agreed to act as interim Non-Executive Chairman until such time that new NEDs are appointed and the board makes its final decision on the Chairman role.

Project Update

The Company also wishes to advise its shareholders that throughout the Bangladesh General Election period (election due in January 2024) it continues to promote its planned coal mining and power project ("the Project") in Bangladesh, which it aims to develop in partnership with the Government of Bangladesh. The Project will deliver the Government and People of Bangladesh a step-jump in their economy which is dealing with the very considerable financial burden of rampant energy costs.

The CEO of GCM, Datuk Michael Tang PJN, stated :

" I would like to thank Najib for his valuable contribution to the GCM Board during his term of office and wish him well in his future endeavours."

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               Andrew De Andrade 
   [phone]           [phone] 
 
 GCM Resources plc 
 Tel: [phone] 
 [e-mail]; 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. GCM requires approval from the Government of Bangladesh in order 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 developed development partners. Together with credible, internationally recognised strategic development 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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September 15, 2023 02:00 ET (06:00 GMT)