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GCM Gcm Resources Plc

5.55
0.05 (0.91%)
21 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Gcm Resources Plc GCM London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.05 0.91% 5.55 16:35:12
Open Price Low Price High Price Close Price Previous Close
5.50 5.50 5.625 5.55 5.50
more quote information »
Industry Sector
MINING

Gcm Resources GCM Dividends History

No dividends issued between 21 May 2014 and 21 May 2024

Top Dividend Posts

Top Posts
Posted at 14/5/2024 16:21 by silvstallone
Can you tell us what it’s coming??🤣29315;


GCM - Long termers, banter & research - Post 64628 GCM Gcm Resources Plc Stevehuges 19 Apr 2024 09:36
Stevehuges
Strap yourself in it’s coming
Posted at 23/4/2024 20:17 by shortjohnblobfish
BREAKING NEWS

22/4/2024

It’s happening soon

Bangladesh is preparing to mine its own coal to reduce energy crisis and import dependency in the future while there is also a plan to mine coal in an open method.

In the proposal that the Ministry of Energy is going to make for the high-level decision of the government, the final decision will be the matter of extracting coal from three mines of the country at the initial stage

Five coal mines have been discovered in the northern part of Bangladesh so far. These mines have reserves of 7,823 million tons of coal.

Twenty percent of this coal is mineable, amounting to 1,564.6 million tons, according to the presentation of the Energy Department. This amount of coal is capable of meeting the energy demand equal to 40.6 trillion cubic feet of gas.



20/4/2024

RULING PARTY AND ITS PRE-ELECTION PLEDGE FOR MINING DOMESTIC COALToday 16:37
This has Phulbari written all over it imo!!!!!

Here are just some of the points from the article...

“It is now expected that the government will make a decision to mine and set up at least 5,000MW mine-mouth coal power plants soon, yielding fruits by the end of the present term of the government”

“Technical experts, economists, and analysts have long been suggesting the exploration and exploitation of superior-quality coal resources lying at mineable depths. Various studies have been conducted by local and international experts, justifying the proposals for mining coal and using it as the cheapest alternative to depleting natural gas. Even the present government in its past three terms pledged for mining coal. However, the required political decision in this regard has not been made.”

“The technological and economic aspects heavily favor mining domestic coal.”

“The need now is for the government to take the decision of mining or not mining coal. Nothing but domestic coal can ensure sustainable energy security for Bangladesh in the prevailing and emerging global geopolitical situation. Despite global movement for energy transition from fossil fuel to renewable energy coal is going to remain one of the major fuels over the next 30-40 years. Moreover, Bangladesh has no obligation to limit emissions as it has only a negligible carbon footprint of its own.”

“The government paying through its nose realized that the increasing dependence on imported fuel through ignoring exploration and development was a major political mistake.”

“Exploration of coal and gas should be a top priority national agenda. The government should not only make an immediate political decision to mine coal it must also reorganize the mining directorate of Petrobangla to champion coal mining.”

“It is now expected that the government will make a decision to mine and set up at least 5,000MW mine-mouth coal power plants soon, yielding fruits by the end of the present term of the government”

“A positive signal of the government will encourage investment. In the meantime, the government engaging competent mining experts can review all study reports for implementing mining strategy.”

“However, the election agenda of the ruling party before the general election of 2024 included a government pledge to mine coal. Hope policymakers will produce convincing and authentic documents to the Prime Minister for her courageous decision. Local coal will delay the requirement for importing fuel from abroad. The government will have breathing space for exploring and developing offshore petroleum resources and logically expanding solar and wind power resources.”

hxxps://ep-bd.com/view/details/article/MTAxMDQ%3D/title?q=ruling+party+and+its+pre-election+pledge+for+minin

16/4/2024

Another 16 months working capital

Michael Tang CEO said: " I am delighted with the support from the London Market, which comes at a time when we are increasingly more confident that the Government of Bangladesh is receptive to the advantages of domestic energy production; our focus and main effort now is to secure the consent to develop the Phulbari Coal and Power Project, which we are well placed to develop alongside our global energy infrastructure partners, Power China."

15/4/2024

1st Meeting of Standing Committee on Ministry of Power, Energy and Mineral Resources
Date: 21-April-2024

Time: 11:00 AM

Location: Bangladesh Parliament

Venue: Cabinet Room

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”
Posted at 23/4/2024 20:14 by shortjohnblobfish
!FOLLOWFEED
New thread for GCM as all news & activity is pointing to the long awaited Scheme of Development being given approval

BREAKING NEWS

22/4/2024

It’s happening soon

Bangladesh is preparing to mine its own coal to reduce energy crisis and import dependency in the future while there is also a plan to mine coal in an open method.

In the proposal that the Ministry of Energy is going to make for the high-level decision of the government, the final decision will be the matter of extracting coal from three mines of the country at the initial stage

Five coal mines have been discovered in the northern part of Bangladesh so far. These mines have reserves of 7,823 million tons of coal.

Twenty percent of this coal is mineable, amounting to 1,564.6 million tons, according to the presentation of the Energy Department. This amount of coal is capable of meeting the energy demand equal to 40.6 trillion cubic feet of gas.



20/4/2024

RULING PARTY AND ITS PRE-ELECTION PLEDGE FOR MINING DOMESTIC COALToday 16:37
This has Phulbari written all over it imo!!!!!

Here are just some of the points from the article...

“It is now expected that the government will make a decision to mine and set up at least 5,000MW mine-mouth coal power plants soon, yielding fruits by the end of the present term of the government”

“Technical experts, economists, and analysts have long been suggesting the exploration and exploitation of superior-quality coal resources lying at mineable depths. Various studies have been conducted by local and international experts, justifying the proposals for mining coal and using it as the cheapest alternative to depleting natural gas. Even the present government in its past three terms pledged for mining coal. However, the required political decision in this regard has not been made.”

“The technological and economic aspects heavily favor mining domestic coal.”

“The need now is for the government to take the decision of mining or not mining coal. Nothing but domestic coal can ensure sustainable energy security for Bangladesh in the prevailing and emerging global geopolitical situation. Despite global movement for energy transition from fossil fuel to renewable energy coal is going to remain one of the major fuels over the next 30-40 years. Moreover, Bangladesh has no obligation to limit emissions as it has only a negligible carbon footprint of its own.”

“The government paying through its nose realized that the increasing dependence on imported fuel through ignoring exploration and development was a major political mistake.”

“Exploration of coal and gas should be a top priority national agenda. The government should not only make an immediate political decision to mine coal it must also reorganize the mining directorate of Petrobangla to champion coal mining.”

“It is now expected that the government will make a decision to mine and set up at least 5,000MW mine-mouth coal power plants soon, yielding fruits by the end of the present term of the government”

“A positive signal of the government will encourage investment. In the meantime, the government engaging competent mining experts can review all study reports for implementing mining strategy.”

“However, the election agenda of the ruling party before the general election of 2024 included a government pledge to mine coal. Hope policymakers will produce convincing and authentic documents to the Prime Minister for her courageous decision. Local coal will delay the requirement for importing fuel from abroad. The government will have breathing space for exploring and developing offshore petroleum resources and logically expanding solar and wind power resources.”

hxxps://ep-bd.com/view/details/article/MTAxMDQ%3D/title?q=ruling+party+and+its+pre-election+pledge+for+minin

16/4/2024

Another 16 months working capital

Michael Tang CEO said: " I am delighted with the support from the London Market, which comes at a time when we are increasingly more confident that the Government of Bangladesh is receptive to the advantages of domestic energy production; our focus and main effort now is to secure the consent to develop the Phulbari Coal and Power Project, which we are well placed to develop alongside our global energy infrastructure partners, Power China."

15/4/2024

1st Meeting of Standing Committee on Ministry of Power, Energy and Mineral Resources
Date: 21-April-2024

Time: 11:00 AM

Location: Bangladesh Parliament

Venue: Cabinet Room

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”
Posted at 18/4/2024 11:17 by johnnyneverdie
Redeyemines on lse posted a very valid point

Very concerning



redeyemines
Posts: 1,296
Price: 7.75
No Opinion
----Fund Raise shenanigansToday 19:51
---- I want to take a close look at this latest fund raise, and I think it may be important to look at the previous one first and see if there are any similarities.

---- When i looked at the FR in Jan, the first thing that stood out, was that it was not a placing, but rather it was a Subscription----a difference just in wording ?---no, in my opinion it was more of a money lending exercise from an outfit called Clear Capital Management.

-On paper it looked like they had BOUGHT 30,3 mill shares at 1.65p for £500/-, but did they.?

-They NEVER appeared on the large shareholder list, even though it looked like they had "bought" 12.5% of the company----so what really happened ?

-Well my guess (and this really is just my opinion) is that CCM lent GCM £500/- in exchange for 30.3 mill shares, which CCM then sold on to "clients" and into the mkt,( at anywhere between 1.9p and 2.2p), in order to recoup their outlay.----I was tallying the sales all along, and sure enough, when those sales totalled £500/- , the selling stopped and the share price moved up all the way from 2.2p tp 10p

-What was in it for CCM i hear you ask----well they managed to recoup their outlay by selling around 25 mill shares, so they finished up with 5 mill shares for free (or they could have sold out completely and made £100/- or 20% profit over less than 1 month)----not bad at all.

--The shares finished up in Client (ii's ?) and our PI's hands.

----Think im wrong ?

-Then look at the large shareholders list on GCM web site---you wont find them there with that 12.5% holding---they are not there and in fact they never have been, not even from the admission date of the new shares---not a mention.

-----Now that doesn't sound right to me----but there is something even more alarming.

----Clear Capital Management seem to have been air brushed out of GCM's history all together.

-Go back on all the fund raise RNS's and you wont find one mention of CCM in any one of them-----they were there when the RNS's came out ---but they are not there now----the RNS's have been altered (don't think that is allowed , is it ?), and all mention of CCM has been removed.

-

-Anyway---lets come back to this current fund raise.

-

-Is it going down the same rout---my personal opinion is,--- yes it is

-

-It's another Subscription, again not a placing----so i'm looking to see if we are in for the same ride.

-Will this latest 30 mill shares now be passed on to "clients" and also fed into the mkt for us PI's to consume------

--------WHATCH THE VOLUMES

-If i'm right then we have to start adding up the large sales volume again-----with the share price static i'm assuming 59% of daily turnover is sales and 50% is buys

-so at the moment i think they have shifted about 9 mill shares, and if they are following the same route as before, then they will need to sell about 25 of the 30 mill before they get their money back---should take maybe about a week----lets see.

As you say this is alarming !! This is YES

This is how they play with the pump and dump


No reply? Not surprising


redeyemines
Posts: 1,296
Price: 7.75
No Opinion
RE: ----Fund Raise shenanigansToday 19:54
-Shares will be admitted on about the 19th so will AXIS C M appear as a large share holder list and will any drop in holding also be RNS'd---or will ACM disappear the same way CCM has ?

-

-I have tried to speak to he co on this but am getting no reply.
Posted at 16/4/2024 12:07 by baxtea1
Reposting useful info buried under all the repetitive irrelevant drivel


BREAKING NEWS

16/3/2024

Another 16 months working capital

Michael Tang CEO said: " I am delighted with the support from the London Market, which comes at a time when we are increasingly more confident that the Government of Bangladesh is receptive to the advantages of domestic energy production; our focus and main effort now is to secure the consent to develop the Phulbari Coal and Power Project, which we are well placed to develop alongside our global energy infrastructure partners, Power China."

15/3/2024

1st Meeting of Standing Committee on Ministry of Power, Energy and Mineral Resources
Date: 21-April-2024

Time: 11:00 AM

Location: Bangladesh Parliament

Venue: Cabinet Room

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”
Posted at 15/4/2024 21:33 by baxtea1
BREAKING NEWS

15/3/2024

1st Meeting of Standing Committee on Ministry of Power, Energy and Mineral Resources
Date: 21-April-2024

Time: 11:00 AM

Location: Bangladesh Parliament

Venue: Cabinet Room

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”
Posted at 09/4/2024 13:41 by baxtea1
Latest news

BREAKING NEWS

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”
Posted at 09/4/2024 13:06 by baxtea1
GCM taking off, latest news summary

BREAKING NEWS

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”
Posted at 09/4/2024 10:07 by baxtea1
Ignore the two clowns. These are the facts. Boomtown us coming 🚀🚀🚀


BREAKING NEWS

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”
Posted at 09/4/2024 09:56 by baxtea1
BREAKING NEWS

28/3/2024

The Bangladesh Government has already taken steps to move away from its current "net-energy-importing" situation aimed at both bringing its domestic coal resources into the energy mix and exploring for gas. With this in mind, and Bangladesh's deteriorating foreign exchange position, it is envisaged that Government Policy will be forthcoming to finally enable extraction of the Country's extensive long-term strategic coal energy assets, such as the Phulbari deposit.

We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

27/3/2024

Yicai) March 27 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and strip Bangladesh's largest coal mine for about CNY7 billion (USD969.8 million).

PowerChina International Group inked the deal for the Phulbari coal mine with UK GCM Resources, Beijing-based PowerChina announced yesterday. The project includes the design of the mining infrastructure and overburden removal, procuring and installing stripping equipment, dewatering and drainage, ground production system, and sewage treatment, it added.

The contract has a four-year lifespan, including two years of overburden removal to expose the first coal for mining, with no warranty period, PowerChina noted. The Phulbari coal mine is located in Dinajpur district in northwest Bangladesh.

25/3/2024

Appointment of Independent Non-executive Directors


GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce the appointments of Paul Shackleton and Charlie Green to the Board as independent Non-Executive Directors with immediate effect. Paul Shackleton will serve as acting Chairman.

17/3/2024

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.”

12/3/2024

Plan afoot for coal extraction

hxxps://businesspostbd.com/power-energy/govt-reviving-plans-despite-strong-opposition

11/3/2024
Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract

The Company advises that working under the coal mine development MOU with Power Construction Corporation of China, Ltd. ("PowerChina") (refer to RNS of 28 November 2023), it has signed a contract with PowerChina International Group Limited covering mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari Coal and Power Project ("the Project"). The advancement of this Contract is subject to receiving the approval of the Scheme of Development for coal mining submitted to the Bangladesh Government under the terms and conditions of its Contract for "Exploration and Mining Coal in Northern Bangladesh".

The scope of works under this Mine Construction Contract includes design, procurement, installation, construction and commissioning of mine infrastructure and overburden removal, dewatering and drainage. It also includes selective mining and stockpiling of valuable industrial mineral co-products that occur in the overburden. These co-products are expected to deliver considerable cashflow for the Project ahead of any coal extraction.

The Mine Construction Contract duration is four years, with overburden removal to expose first coal taking some two years. The Company and PowerChina expect to enter additional contracts covering coal extraction and associated activities to support ongoing open pit mining operations and the Project's commitment to deliver high quality coal supporting at least 6,600MW power generation for over 30 years. A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

The Mine Construction Contract was entered into on 9 March 2024, however, issuance of a Notice to Proceed with the works is dependent on the Company receiving the necessary approvals from the Bangladesh Government and achieving financial closure. As noted in the beforementioned RNS of 28 November 2023, our development partner, PowerChina is committed to assist with project financing.

Coal Supply Expressions of Interest:

The Company has received Expressions of Interest to purchase Phulbari's coal from both of Bangladesh's current Independent Power Producers, being SS Power Limited that operates the 1,320MW Banshkhali power plant and Barisal Electric Power Company that operates a 350MW unit at Barisal (with plans to add an additional unit). These represent some 27% of the present market.

Bangladesh currently has 6,035 MW of installed coal-fired power generating capacity with a demand for some 16 million tonnes of coal per annum, i.e., equivalent to the Phulbari coal mine's planned production. However, the long-term government plan shows an increase in coal-fired power to 11,830 MW which would require some 36 million tonnes of coal per annum.

The current coal-fired power plants include:
· Existing Barapukuria plants 525 MW
· Payra 1,320 MW
· Rampal 1,320
· Matarbari 1,200 MW
· S ALAM Banshkhali 1,320 MW (Independent power producer SS Power)
· Barisal 350 MW (Independent power producer Barisal Electric Power Company)

8/3/2024
“State Minister for Energy and Mineral Resources Nasrul Hamid said that coal mining will be done by ensuring underground water management. Rehabilitation and employment of the locals will also be ensured. He said that if there is a coal mine in that region, crop production will decrease by BDT 5 thousand crore annually. On the contrary, coal worth about BDT 70 thousand crore will have to be imported in the future.”

“It is possible to extract coal from this mine by the open pit method. This mining license is now in the hands of the multinational company GCM. A majority stake in GCM is said to be owned by a Chinese company. GCM has submitted a full feasibility study on the mine development to the government.”

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