Business
MOU Extension - Phulbari Coal Mine Development
MOU Extension - Phulbari Coal Mine Development.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n \n \n 12 December 2022\n \n \n \n \n \n \n \n \n GCM Resources plc\n \n \n \n (\"GCM\" or the \"Company\")\n \n \n (AIM:GCM) \n \n \n \n MOU Extension - Phulbari Coal Mine Development\n \n \n \n \n \n \n \n The Company advises that, further to its announcements of 23 November 2021, and 2 June 2021, Power Construction Corporation of China, Ltd. (\"PowerChina\") has agreed to an extension for a period of a further 12 months from 6 December 2022 to 6 December 2023 on the same terms as the previous memorandum of understanding (\"MoU\") which is primarily focused on the Phulbari coal mine development. This will allow PowerChina and GCM to determine the modality for PowerChina to become a Mine Development Partner, subject to the approval of PowerChina internal compliance and all other relevant regulatory agencies.\n \n \n \n \n \n Under the MoU, PowerChina and GCM will discuss and negotiate a mutually agreed business relationship to partner each other in developing the proposed coal mine based on the world-class high quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project in North-West Bangladesh (the \"Project\"). These discussions will cover key areas of finance, project development and mining operations. \n \n \n \n \n \n \n Michael Tang, Executive Chairman of GCM, commented\n \n : \"GCM continues to enhance our relationship and work closely with PowerChina on the Phulbari Coal and Power Project. PowerChina brings an incredible amount experience and credibility to the Project. We are very pleased to report the extension of the MOU with PowerChina and continuing the ongoing discussions leading up to a partnership in developing the proposed coal mine, which is the pivotal aspect of the Project. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n \n \n \n \n For further information:\n \n \n \n \n \n \n \n \n \n \n \n...