Business
Power Plant & Mine Consulting Agreement
Power Plant & Mine Consulting Agreement.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3308F GCM Resources PLC 26 October 2018 \n\n26th October 2018\nGCM Resources plc\n(\"GCM\" or the \"Company\")\n(LON:GCM) \n \nPower Plant & Mine Consulting Agreement\n \n \nFurther to the announcement on 2 July 2018, GCM Resources plc (LON:GCM), an AIM quoted mining and energy company, is pleased to announce that it has entered into a new consulting agreement (\"Agreement\") with Dyani Corporation Limited (泰安利有限公司) (\"Consultant\"). The consultancy is in relation to securing prospective Chinese strategic partners for the Phulbari Power and Coal Project in line with GCM's strategy, as well as advancing the existing relationship with China Gezhouba Group International Engineering Co. Ltd (\"CGGC\").\n \nCompany Strategy\nGCM's mission is to be the cheapest electricity supplier in Bangladesh, providing up to 6,000MW of power, by developing the Company's mine proposal along with three groups of mine mouth power plants of up to 2,000MW each. The Company believes that the combined mine mouth and power plants, known as the Phulbari Coal and Power Project (\"the Project\"), would not only be the single largest provider of electricity in the country, greatly contributing to Bangladesh's much needed energy requirements, but also be a catalyst for regional economic growth and social development in North West Bangladesh. \n \nIn order to realise this aim, the Company's strategy is to present the combined mine mouth and power plants alongside large, internationally renowned Chinese State-owned enterprises (\"SOE's\"), as a holistic power solution which meets the needs and objectives of the Government of Bangladesh. Securing such strategic partners strongly enhances the credibility of the proposal, and in the opinion of the Board of Directors, greatly enhances the prospects of achieving the necessary approvals from the Government of Bangladesh for developing the Project.\n \nIn this context obtaining access to, and securing the interest of, Chinese SOE's as strategic partners is critical to achieving the Company's goals. Noting the Consultant's success in securing the partnership with CGGC for GCM, and the recent interest of Sinohydro Corporation Limited, a subsidiary of Power Construction Corporation of China Ltd, the Company is delighted to finalise the Agr...