Business
Proposed Listing
Proposed Listing.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n Asia Energy PLC\n20 March 2006\n\n\n\nAsia Energy announces plans to list on the Stock Exchange in Bangladesh\n\n\n\nDhaka, 20 March 2006 - Asia Energy ('the Company'), which is developing the\nPhulbari Coal Project ('the Project') in Northwest Bangladesh, today announced\nthat it is planning to list on the stock exchange in Bangladesh.\n\n\n\nThe Company said it had signed a Letter of Intent with Equity Partners Limited,\n('EPL') a majority foreign owned local merchant bank, for an initial public\noffering later this year as part of the Company's Phulbari Coal Project funding.\nThe local listing will take place as soon as practical following the Project\napproval by the Government of Bangladesh ('GoB') the Company said.\n\n\n\n'This decision is part of Asia Energy's commitment to giving investors in\nBangladesh an opportunity to share in this major development project,' said Mr\nGary Lye, CEO of Asia Energy Corporation (Bangladesh) Pty Ltd. 'It is also a\nmeasure of our long-term commitment to Bangladesh.'\n\n\n\nAsia Energy, which operates in Bangladesh under an existing contract with the\nGoB, is in the final stages of Project approval and financing for its planned 15\nmillion tonnes per annum open pit coal mine at Phulbari, in the Dinajpur\nDistrict.\n\n\n\nIt has established a resource of 572 million tonnes of high quality thermal and\nsemi-soft coking coal in the Phulbari coal basin, and is waiting for GoB\napproval of its Scheme of Development for the mine in line with its contract.\nPlans for the mine were given Environmental Clearance by the GoB in September\n2005.\n\n\n\n\n\n\n\n\n\nPre-mining activity is scheduled to start immediately following Project approval\nwith first coal expected in late 2008 and production then increasing rapidly to\n15 million tonnes per annum by 2013. The Company is also proposing to build a\n500MW power plant at the mine site.\n\n\n\nThe Company expects that some 3 million tonnes of coal per annum will remain in\nBangladesh for industrial and power uses. Expressions of interest for the\nmarketing and distribution of this coal into the local economy will be sought\nshortly after Government approvals. Local construction contracts will also be\nsought for the significant infrastructure required for the Project and related\ncommunity housing and services.\n\n\n\nShares in Asia Energy PLC are...