GCM Resources Agrees Second JV With PowerChina For Plant Development

LONDON (Alliance News) - GCM Resources PLC on Friday said it agreed a second joint venture with ...

Alliance News 15 March, 2019 | 12:10PM
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LONDON (Alliance News) - GCM Resources PLC on Friday said it agreed a second joint venture with Power Construction Corporation of China Ltd for the development of an additional coal-fired power plant.

The new agreement covers the development of an additional 1,000MW plant at the site of GCM's proposed coal mine in north-west Bangladesh.

This second deal is in addition to the initial joint venture agreement signed with PowerChina in January.

The project, providing an estimated USD14.5 billion in foreign investment, is anticipated to be a catalyst for local, regional and national growth, GCM said.

Multi-sector investment company Polo Resources Ltd, which holds a 17.8% stake in GCM noted the announcement.

GCM shares were trading 19% higher at 29.20 pence while Polo shares were trading up 2.3% at 4.50 pence each.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Polo Resources Ord 4.58 GBX -0.43
GCM Resources PLC 27.00 GBX 0.00 -
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