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On 09 June 2023, GCM Resources plc noted its share price increase over the previous three days and its awareness of reports in Bangladesh concerning coal supply shortages, power load shedding, and commentary on domestic coal extraction. The company confirmed it has no price sensitive information to announce and no material updates to its previous trading update from 22 March 2023.
| Date | 9 Jun 2023 |
| Time | 10:57:48 |
| Category | Corporate updates |
| ID | 2733C |
09 June 2023
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Statement Regarding Share Price Increase
GCM Resources plc, an AIM quoted mining and energy company, notes the recent increase in its share price over the previous 3 days and is aware of reports in Bangladesh concerning coal supply shortages and significant power load shedding in Bangladesh. It also notes significant associated commentary within Bangladesh on a suggested move towards developing and extracting coal from its own domestic mines, rather than rely predominantly on imported coal.
The Company confirms that it has no price sensitive information to announce at this time and there are no material updates to add to its previous trading update included in its interim results announced on 22 March 2023.
For further information:
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GCM Resources plc Keith Fulton Finance Director +44 (0) 20 7290 1630 |
WH Ireland Ltd James Joyce Andrew de Andrade +44 (0) 20 7220 1666 |
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GCM Resources plc |
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Tel: +44 (0) 20 7290 1630 |
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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 can support some 6,600MW. GCM requires approval from the Government of Bangladesh in order to develop the Project. The Company has a strategy of linking the Company's mine proposal to supplying coal to the Government of Bangladesh's existing and in the pipeline coal-fired power plants and / or power plants developed development partners. Together with credible, internationally recognised strategic development partners, GCM aims to deliver a practical power solution to provide the cheapest coal-fired electricity in the country, in a manner amenable to the Government of Bangladesh.