GCM Resources PLC Next Stage Agreement (2716H)
March 09 2018 - 5:00AM
UK Regulatory
TIDMGCM
RNS Number : 2716H
GCM Resources PLC
09 March 2018
9 March 2018
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
Next Stage Agreement with Partner for Phulbari Coal and Power
Project
GCM Resources plc ("GCM" or the "Company"), a London based
resource exploration and development company, is pleased to
announce that the Company has agreed a Joint Development Framework
Agreement with its strategic partner China Gezhouba Group
International Engineering Co. Ltd ("CGGC").
CGGC is an internationally recognised engineering company with
infrastructure projects across the world. Its parent, China
Gezhouba Group Corporation (en.gzbgj.ceec.net.cn) is a core member
of China Energy Engineering Group Co Ltd, a super central
state-owned enterprise, and employs approximately 40,000
people.
The Joint Development Framework Agreement outlines the parties'
roles and responsibilities in pursing approval of the Phulbari Coal
and Power Project, including a commitment by CGGC (or its affiliate
or investment partner) to invest up to 30% in the power plant,
subject to approval by Chinese authorities, with GCM holding the
balance of interest. Under the agreement CGGC undertakes to
facilitate financing for the proposed power plant with GCM's
assistance.
Datuk Michael Tang PJN, Executive Chairman stated: "After months
of negotiation we are delighted to conclude these agreements with
our partner, CGGC. I would like to take this opportunity to thank
the management team of CGGC for their ongoing support and
enthusiasm, and look forward to working with them as we jointly
pursue this exciting opportunity."
Mr Chen Xiangdong, Vice President of China Gezhouba Group
International Engineering Co. Ltd stated: "CGGC International is a
leading implementer of China's 'Belt & Road' Initiative and
seeks projects that are in line with this initiative and that
promote social progress. We are pleased to have secured the Joint
Development Framework Agreement for GCM's proposed 2,000MW power
plant and look forward to assisting GCM in progressing both the
mine and the power plant for the benefit of Bangladesh."
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 Northland Capital Partners
James Hobson Ltd
Finance Director Nominated Adviser and
+44 (0) 20 7290 1630 Broker
Tom Price
Matthew Johnson
+44 (0) 203 861 6625
GCM Resources plc
Tel: +44 (0) 20 7290 1630
info@gcmplc.com; www.gcmplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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