GCM Resources : Shares Rise After Bangladesh JV Partners Reaffirm Commitment

By Anthony O. Goriainoff

Shares in GCM Resources PLC rose on Wednesday afternoon after the company said that its development partners at the Phulbari Coal and Power project in Bangladesh have reaffirmed their commitment to progressing the project and acknowledged that the coronavirus pandemic affected their ability to meet deadlines over the past year.

Shares at 1510 GMT were up 1.15 pence, or 15%, at 11.50 pence.

The AIM-listed mining-and-energy company said that its partner, China Nonferrous Metal Industry's Foreign Engineering & Construction Co., confirmed that it was moving to resume a normal working status and gearing up to make progress on commitments for coal mine development.

GMC's other, partner Power Construction Corp. of China Ltd., confirmed and reiterated its strong commitment to the project and to making progress under the extended joint-venture agreements, the company said.

"We are pleased our relationships with [our partners] are reaffirmed and that despite the difficulties over the last 12 months both locally and globally, they are taking steps to progress their involvement in the coal mine development which is a cornerstone development for the Project," GCM Chief Executive Michael Tang said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

03-17-21 1141ET