GCM Resources PLC Update on negotiations with PowerChina (3447L)
December 21 2018 - 11:40AM
UK Regulatory
TIDMGCM
RNS Number : 3447L
GCM Resources PLC
21 December 2018
21 December 2018
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Update on negotiations with PowerChina
Further to the announcement on 27 November 2018, GCM Resources
plc ("GCM" or the "Company"), an AIM quoted mining and energy
company, is pleased to advise that the Company is currently in
negotiations with Power Construction China Corporation of China Ltd
("PowerChina") to conclude a Joint Development Agreement to develop
the Company's proposed coal mine as well as mine-mouth power plants
generating up to 4,000MW. However, it is unlikely to be finalised
by the initial target date of 31 December 2018. Both parties
continue to work together in respect of the negotiations and a
further announcement will be made upon completion.
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 Northland Capital Partners Ltd
James Hobson Nominated Adviser and Broker
Finance Director Matthew Johnson, Jamie Spotswood
+44 (0) 20 7290 1630 +44 (0) 20 3861 6625
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; 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 is capable of supporting power
plants of up to 6,000MW. GCM is awaiting approval from the
Government of Bangladesh to develop the Project. The Company has a
strategy of combining the Company's mine proposal with up to
6,000MW of power generation, together with credible,
internationally recognised strategic partners. GCM aims to deliver
a practical power solution to provide the cheapest electricity in
the country, in a manner amenable to the Government of
Bangladesh.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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