GCM Resources Signs Deal With PowerChina To Develop Mine In Bangladesh

LONDON (Alliance News) - GCM Resources PLC on Tuesday said it has partnered with Power ...

Alliance News 27 November, 2018 | 10:59AM
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LONDON (Alliance News) - GCM Resources PLC on Tuesday said it has partnered with Power Construction Corp Of China Ltd to develop a coal mine and electricity plant in Bangladesh.

GCM Resources shares were trading 40% higher on Tuesday at 16.50 pence each in London.

The AIM-listed mining and energy company company said it plans to construct a power plant, generating up to 4,000 megawatts of electricity, at the mine site in Phulbari, Bangladesh.

Engineering construction firm PowerChina will undertake feasibility and viability studies of the integrated coal mine and power plant.

"GCM's strategy is to present a holistic power solution to the government of Bangladesh which can generate 6,000 megawatts for the country," said Executive Chairman Datuk Tang.

"We are confident that the Phulbari coal & power project will deliver substantial benefits for the government, the people of Bangladesh and our shareholders," added Tang.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
GCM Resources PLC 12.50 GBX 4.17 -

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