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:
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GCM
Resources plc
Keith Fulton
Finance Director
+44 (0) 20 7290 1630
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Zeus Capital Limited
James Joyce
James Bavister
Andrew De Andrade
Tel: 0203 829 5000
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GCM Resources plc
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Tel: +44 (0) 20 7290 1630
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info@gcmplc.com;
www.gcmplc.com
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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.