Business
Interim Results 6 months ended 31 December 2022
Interim Results 6 months ended 31 December 2022.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n \n \n 22 March 2023\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 2022\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 2022. 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 \n www.gcmplc.com\n \n \n .\n \n \n \n \n \n \n \n \n \n Chairman's Statement\n \n \n \n \n \n \n The environment under which we operated in the six months ending 31 December was dominated by growing negative economic impacts of the Ukraine conflict and, in the latter part of the reporting period, the emergence of a changing political landscape as the Bangladesh Government and Opposition parties launched campaigns ahead of the national election, stated for early 2024.\n \n \n The Bangladesh Government demonstrates commitment to coal being in its long-term energy mix with 11,755MW coal-fired power plants commissioned or in the pipeline. It has also committed to implement the latest HELE power plants (High Efficiency, Low Emissions), based on Ultra-Supercritical boiler technology resulting in smaller environmental footprints as less coal is consumed with reduced carbon dioxide emissions to produce the same electricity as conventional power plants. Progress has been substantial, with Ultra-Supercritical Power Plants commissioned at Payra 1,320MW in 2019-20; Rampal first unit (660MW) in November 2022 and the second 660MW unit scheduled for first half 2023; Banshkhali 1,320MW (2x660MW) scheduled for 2023; and Matarbari 1,200MW (2x600MW) scheduled for 2024.\n \n \n The Phulbari Coal and Power Project (\"the Project\") can support some 6,600MW of Ultra-Supercritical power generation. The Project Proposal is built around supplying some or all coal production to existing (and planned) coal-fired plants and also provides for the option of installing up to 4,000MW new capacity at the Phulbari coal mine site (which ultimately would provide the lowest cost coal based power for Bangladesh).\n \n \n Our Development Partner, Power Construction Corporation of China Ltd. (\"PowerChina\"), earlier reiterated their commitment to developing mine-mout...