Business
Result of AGM and AGM Stateme
Result of AGM and AGM Stateme.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n RNS Number : 2094K GCM Resources PLC 16 December 2008 \n \nGCM Resources plc\n\nResults of AGM\nAt the annual general meeting of GCM Resources plc held today, all of the ordinary and special resolutions as set out in the notice of this meeting were duly passed.\nThe following is the text of the Chairman's statement to the meeting.\nPhulbari\nThe company's principal asset remains the Phulbari Coal Project in Bangladesh to which the Company remains fully committed. As you will be aware, the feasibility study for the project was lodged in late 2005 in accordance with our contract with the Government of Bangladesh but since then the changing political situation has meant that we have yet to receive approval to develop the project. As detailed in the Annual Report, since mid-2007 the Coal Policy has been subject to review and revision by various ministries of the Caretaker Government of Bangladesh but still remains in draft form. More positively the caretaker Government has announced a firm date for elections and these are due to be held on 29th December. These elections have the support of the main political parties and the international community and we look forward to working with a newly elected government with the authority to address the country's acute energy shortage and move the Phulbari Coal Project forward.\nThe project has continued to attract the attention of non-governmental groups concerned with the social and environmental aspects of the project. We continue to explain that the project will be developed in line with international best practices and we will meet the Equator Principles which reflect the International Finance Corporation's Performance Standards on Social and Environmental Sustainability. \nWe are conscious that climate change is a pressing issue for Bangladesh; however the country desperately needs energy to be able to continue on its development path, to continue to reduce poverty and adapt to climate change. \nEnergy is central to sustainable development and poverty reduction. Without a substantial increase in electricity generating capacity, Bangladesh, which is one of the poorest countries in the world, will not be able to achieve the economic growth required to meet its Millennium Development Goals. \nAlthough it is for...