GCM RESOURCES PLC

Regulatory Filings • Feb 27, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 3090R

GCM Resources PLC

27 February 2019

27 February 2019

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM) 

Update re Formal Proposal to Government

GCM Resources plc (AIM:GCM), a resource exploration and development company, announces that, further to the Company's announcement 17 January 2019, in relation to entering into the Joint Venture Agreement and a definitive Engineering, Procurement and Construction Contract with Power Construction Corporation of China, Ltd ("PowerChina"), it can confirm that it continues to work with PowerChina on formal proposal to the Government of Bangladesh.  However, further to the Company's announcement of 27 November 2018, whilst good progress is being made in this regard, the formal proposal will not be made by the initial target date of 28 February 2019.  A further announcement(s) will be made in due course, as and when appropriate.

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

For further information:

GCM Resources plc James Hobson Finance Director  +44 (0) 20 7290 1630	Strand Hanson Limited Nominated Adviser and Broker Stuart Faulkner Rory Murphy James Dance +44 (0) 20 7409 3494
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com

About GCM Resources

GCM Resources plc (LON:GCM), the AIM listed mining and energy company, has identified a high quality coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project (the Project) in north-west Bangladesh.

Utilising the latest highly energy efficient power generating technology the Phulbari coal mine is capable of supporting power plants of up to 6,000MW. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company has a strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic partners. GCM aims to deliver a practical power solution to provide the cheapest electricity in the country, in a manner amenable to the Government of Bangladesh.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

UPDBDGDDDSDBGCR