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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GCM Resources Plc    GCM   GB00B00KV284

GCM RESOURCES PLC

(GCM)
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GCM Resources Agrees to JV for Bangladesh Coal, Power Project; Shares Soar

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10/15/2020 | 04:57am EDT

By Jaime Llinares Taboada

Shares in GCM Resources PLC jumped Thursday after the company said that it had signed an agreement with China Nonferrous Metal Industry's Foreign Engineering & Construction Co. to develop GCM's Phulbari coal and power project in Bangladesh.

The AIM-listed mining-and-energy company said the two companies have agreed to establish a joint venture to discuss and arrange works related to the project, including a definitive feasibility study and financing. China Nonferrous Metal is expected to acquire a 5% stake in the joint venture, GCM said.

As part of the agreement, China Nonferrous Metal will facilitate to arrange financing for the project and be appointed as exclusive engineering, procurement, construction and commissioning contractor, GCM said.

Shares in GCM at 0725 GMT were up 7.50 pence, or 75%, at 17.50 pence.

GCM said it is in talks to include Power Construction Corp. of China Ltd. as part of the framework agreement.

"Whilst the Covid-19 pandemic has delayed our progress with the project, we believe that it has encouraged the government of Bangladesh to review and enhance its energy security by utilizing local fuel sources, following supply and importation disruptions," GCM Executive Chairman Datuk Michael Tang said.

The Phulbari project is planned to combine a 572 million metric tons high-grade coal mine with a 6,000-megawatt power plant.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

10-15-20 0356ET


Stocks mentioned in the article
ChangeLast1st jan.
CHINA NONFERROUS METAL INDUSTRY'S FOREIGN ENGINEERING AND CONSTRUCTION CO.,LTD. -0.88% 4.51 End-of-day quote.2.97%
GCM RESOURCES PLC -3.13% 11.625 Delayed Quote.-5.88%
POWER CONSTRUCTION CORPORATION OF CHINA LTD -1.97% 3.99 End-of-day quote.-8.06%
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Financials
Sales 2019 - - -
Net income 2019 -6,02 M -7,86 M -7,86 M
Net Debt 2019 1,96 M 2,56 M 2,56 M
P/E ratio 2019 -3,46x
Yield 2019 -
Capitalization 14,2 M 18,6 M 18,6 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees 18
Free-Float 39,7%
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Managers
NameTitle
Vee Mun Tang Executive Chairman
Gary Norman Lye Chief Operating Officer
Keith Fulton Finance Director & Secretary
Mohamed Najib bin Abdul Aziz Non-Executive Director
Christian Taylor-Wilkinson Independent Non-Executive Director
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