Business
Interim Results 6 months ended 31 December 2021
Interim Results 6 months ended 31 December 2021.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9817F\n GCM Resources PLC\n 25 March 2022\n \n \n \n \n 25 March 2022\n \n \n GCM Resources plc\n \n \n (\"GCM\" or the \"Company\")\n \n \n \n \n \n Interim Results for the 6 months ended 31 December 2021\n \n \n \n \n \n GCM Resources plc (LON: GCM), an AIM quoted mining and energy company\n , is \n pleased to report its interim results for the six months ended 31 December 2021. The Chairman's Statement and the full unaudited interim report are presented below and will shortly be available at the Company's website \n \n www.gcmplc.com\n \n .\n \n \n \n \n \n Chairman's Statement\n \n \n \n \n \n The Company's performance over the six months ending 31 December 2021 continued to be hindered by the effects of the Coronavirus Pandemic. Bangladesh, unlike most of Europe, did not move from the rolling lock-downs until late August and the return to \"business as usual\" has been slow. \n \n \n Our commitment to delivering a return to shareholders in recognition of their continued support is unrelenting. We have been continuously reappraising the best way to present the Phulbari Coal and Power Project (\"the Project\") so to maximise alignment with the energy and power needs of the Government and People of Bangladesh. Prime considerations in this appraisal have included:\n \n \n · \n World energy crisis that commenced in 2020;\n \n \n · \n Chinese President Xi Jinping delivered a pre-recorded address to the United Nations General Assembly on 22 September 2021 where he stated China would step up efforts to assist Developing Countries access \"green\" and \"low carbon\" energy, and that China would not build new coal-fired power projects abroad. The actual ramifications of these statements are yet to be realised, given that China itself has stated coal power remains in its energy/power mix and that the long-term strategy is energy efficiency (more power for less coal) and a pursuit of \"Net Zero Carbon Emissions\" also involves carbon off-setting. \n \n \n · \n World energy crisis now exacerbated by turmoil unfolding in Eastern Europe and timeframe for energy and power markets to return to normality appear to be extensively protracted;\n \n \n · \n Supply chains are under enormous pressure and international shipping freight rates are skyrocketing;\n \n ...