Business
Interim Results for the 6 months ended 31 Dec 2024
Interim Results for the 6 months ended 31 Dec 2024.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n\n31 March 2025\nGCM Resources plc\n(\"GCM\" or the \"Company\")\n \nInterim Results for the 6 months ended 31 December 2024\n \nGCM Resources plc (AIM: GCM), the AIM traded resource exploration and development company, announces its Interim Report for the six months to 31 December 2024.\n \nHighlights and Outlook\n \n· Bangladesh's new Government appears serious in addressing its lack of domestic coal production in the near term:\n· Bangladesh is currently almost entirely reliant on imports of coal to fuel its growing number of power stations to meet burgeoning demand for energy - an issue compounded by a natural gas shortfall in country\n· Bangladesh's level of coal imports surged 44% in 2023(1)\n \n· The Company believes the outlook for moving the proposed Phulbari coal mine forward has greatly improved on the basis of:\no The recent demonstration by the new Government (and its Ministry) that domestic coal must be extracted and that the proposed Phulbari coal mine is a big factor is delivering the necessary coal supply\no Bangladesh's economy remaining under pressure with respect to foreign exchange reserves, inflation and purchasing power\n(1)Theglobaleconomy.com\n \n \nChairman's Statement\n \nWhilst it is generally expected that the Chairman's Statement commences by chronologically running through events in the reporting period, there has been an exciting recent development that needs to be highlighted. Over the past year our Dhaka team has reported on efforts by the Ministry for Power, Energy and Mineral Resources (\"the Ministry\") to prepare a presentation focusing on strategies and challenges related to the country's coal-based energy sector. This initiative waxed and waned as the country's political landscape changed but we are delighted to report that a government organised seminar focussed on \"Prospects and Challenges of Bangladesh's Coal Resources and Measures to Overcome\" took place on 27 February this year.\n \nThe Seminar was chaired by the Energy Secretary with the Energy Adviser as the chief guest. There were over 70 invited guests with some 40% being government agency officials, 50% from academia...