Gcm Resources Share Discussion Threads

[apfindley] 19/10/2020 18:23

Quote from letter to the lse by local residents ."The 26th August marks 14th anniversary of the Phulbari killing when three young people were shot dead and more than two hundreds injured in a non-violent demonstration of 80,000 people who marched against plans by GCM in Phulbari. The day has nationally been called the Phulbari Day since. Powerful resistance in the aftermath of the shooting in Phulbari has put a decade long halt to the project. Following the killing of three young people in Asia Energy's incited violence Bangladesh government has declined to renew the company's contract to operate in Phulbari.  Despite lacking a valid contract for mining, GCM is selling shares and cheating on the UK's share market."

[longjohnsilver1] 19/10/2020 17:50

12.75 today

Longjohn said it pump and


Duuuuuuummmmp

Back to 10p

[apfindley] 19/10/2020 17:36

Indeed she did make that pledge.The locals are fiercely against this project due to it being open pit.If it was underground it would've been granted long ago.People think open pit is great - which it is for companies wanting profits from shallow deposit.However for the 150,000 people who will be displaced on the ground, the villages and communities who would need to make way for the project, they don't want it, its not great for them. They can't be bought by gimmicks, money and words. Their association with the land and the area goes back thousands of years. They have ancestors (both recent and old) buried on these lands. There are also many sites of religious interest and worship on the land.It means nothing to investors thousands of miles away, but to those who are being forced to move, the situation is different.I'm sure many investors would be happy to be forcibly removed from their luxury pads to make way for a mining or infrastructure project here in the UK? Hands up..

[baxtea1] 19/10/2020 16:49

& I’m not saying it will never go ahead, I’ve never stated that. It just won’t happen with the clunge at the helm

In my opinion

[baxtea1] 19/10/2020 16:47

But you’re still banging the same drum you’ve been banging forever, your over enthusiastic optimism has amounted to nothing.

I’ll stick with my safe bet realism.

Let’s remember Hasinas unfortunate election pledge from 2009. This is the problem she has & why the SOD approval has never been given


“The former opposition leader and the incumbent prime minister, Sheikh Hasina, visited Phulbari in Dinajpur on September 4, five days after the Phulbari tragedy, and made a strong announcement that she would resist any move to operate any open-pit mine there as well as any other place in the country,“

[888icb] 19/10/2020 16:32

You can of course rerun the post that you always do after even a positive RNS about rinse and repeat and not on Hasina’s watch. So far it has been a safe bet and history is clearly on your side. However the first Phulbari Power Plant is due to be operational by 2024 on the Government’s list of power plants. The major Chinese Corporations are clearly putting a lot of time and effort into the Phulbari Project and the process is close to completion
“ We are also pleased to report that a large part of the process towards finalising our strategic partnership with NFC and PowerChina has been completed. Both NFC and PowerChina are highly respected global companies, and in becoming strategic partners to the Project, is expected to add tremendous strength and credibility to our proposal.



"I would like to thank the teams at both NFC and PowerChina for their dedication and continuing support, particularly during this global crisis, towards delivering substantial benefits for the Government of Bangladesh, its people and our stakeholders."
It is also stated that NFC will acquire a 5% interest
“ . It is intended that NFC will acquire an interest of 5% of the joint venture entity from GCM based upon a valuation of the Project to be agreed upon with GCM or its affiliate or investment partner holding the balance of ownership of the Project.‘
How do you respond to the question why would major Chinese corporations waste their time( and if they acquire an interest) their money in something that isn’t going to happen? It needs to happen soon because the Power decisions are being taken now and clearly coal is vital to a coal fired Power Plant!

[baxtea1] 19/10/2020 15:53

Rinse & repeat

Not taking anything away from a positive Rns but It aint happening till Hasina is gone. Time some on these bb’s just accepted that.

Gl

[longjohnsilver1] 19/10/2020 15:29

More extension, more delays, more money needed, no project, nothing under Hasina mandate,

Another 10 years waiting

Back to 10p

[invester2010] 19/10/2020 15:25

needs to ramp from here. 100/200%, bloddy multibagger now. best it it stayed at 22p! :)

[zen12] 19/10/2020 14:36

Agree diluded and with COVID now completely and utterly non-sensical. This is now there one and only option. Market will wake up to this very soon..

[invester2010] 19/10/2020 14:20

Anybody who thinks bangledesh does not want half price local coal, and wants to pay higher export price for the same thing - as dilluded beyon bounds. lol.

[pwhite73] 19/10/2020 13:59

What you long term guys are saying is that this is the same old same old. I'm saying it isn't. Covid-19 has changed everything.

[pwhite73] 19/10/2020 13:48

The joint venture doesn't expire until 17/01/2021 so it is a mere technicality that MOU would extend for another six months.

RNS 17/01/2020

"In addition, the Company is pleased to announce that, further to its announcement of 17 January 2019, it has agreed the extension of the Joint Venture Agreement ("JVA") and definitive Engineering, Procurement and Construction Contract ("EPC Contract") with PowerChina, for a further 12 months, to 17 January 2021, on the same terms as previously announced."

But this is all irrelevant. The question is what moves have the GOB made to mitigate against the impact of Covid-19 on its power industry. Can they afford to still import expensive coal when millions of tons is sitting in their back garden.

[longjohnsilver1] 19/10/2020 13:18

Listen to longjohn when i said pump and dump

Nothing will happen under Hasina mandate

Back to 10p

[malcolmyoung] 19/10/2020 13:04

..the last day for the RNS ? why not, he's a businessman, which you aren't.
In fact, I saw your posts in the middle of the night and had you down as a Tubetrain driver, approaching retirement but doing the graveyard shift on the London Circle line..........remember GCM will be colossal !!

[zen12] 19/10/2020 12:59

You really need to do some research lol...the last one in April was also on the very last day!So what's your point again???

[apfindley] 19/10/2020 12:09

See....this takes you to the day of the latest rns being 6 months after the below was released..14 April 2020GCM Resources plc("GCM" or the "Company")(AIM:GCM)Extension of MOU with NFC and PowerChinaGCM Resources plc, an AIM quoted mining and energy company, announces that, further to its announcement of 13 J anuary 20 20, it has agreed an extension of the memorandum of understanding (" MoU ") with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. ("NFC") and Power Construction Corporation of China, Ltd. (" PowerChina "), for a further six months, on the same terms as previously announced, in view of the current coronavirus disease pandemic .

[apfindley] 19/10/2020 12:07

Why the rns came out?It was the very last day of the extension to the mou from (6 months ?) earlier.

[pwhite73] 19/10/2020 11:51

AL H - "It means absolutely nothing in regard to backroom discussions with the Bangla government."

That is normally the case. Coronavirus has changed all this and I suspect the GOB have said "what can you offer us in way of upfront cash".

You understatement just what a dire state this country is in at the moment. Since Covid-19 they are having to borrow money from all over world. People who are following the shares are looking at the micro. People who are following the politics are looking at the macro.

Due to Covid-19 I believe the macro will win out.