Polo Resources Limited GCM RESOURCES PLC - INVESTMENT UPDATE (5664I)
March 22 2018 - 2:19AM
UK Regulatory
TIDMPOL
RNS Number : 5664I
Polo Resources Limited
22 March 2018
22 March 2018
Polo Resources Limited
("Polo" or the "Company")
GCM RESOURCES PLC - INVESTMENT UPDATE
CONTRACT FRAMEWORK AGREEMENT WITH STRATEGIC PARTNER
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, is pleased to announce that its
investee company, GCM Resources Plc ("GCM") (AIM: GCM) has agreed a
Contract Framework Agreement with its strategic partner China
Gezhouba Group International Engineering Co. Ltd ("CGGC").
The Contract Framework Agreement awards CGGC the exclusive right
for the engineering, procurement, construction, and commissioning
of a proposed 2,000MW mine-mouth thermal power plant at GCM's
proposed coal mine in North-West Bangladesh for an agreed initial
estimated cost of US$3.8bn which shall be subject to further
adjustments when the parties finalise a full engineering,
procurement, construction and commissioning ("EPC") contract. This
agreement follows on from the Joint Development Framework Agreement
announced by GCM on 9 March this year which outlined the roles and
responsibilities of both companies in pursing approval of the
Phulbari Coal and Power Project.
CGGC is the main international business company of both China
Gezhouba Group Corporation and China Energy Engineering Co. Ltd
("Energy China"). Energy China is a super central state-owned
enterprise, and in 2017 ranked 312th in the Fortune Global 500. In
the last three years, Energy China engaged in the design and
construction of power plants with a total installed capacity of
nearly 220GW, ranked first in the world.
The full details of the announcement can be found at
http://www.gcmplc.com/.
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, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor
Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & joint broker)
- John Depasquale +44 (0)20 3328 5657
Liberum Capital (Broker)
- Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (Public relations)
- Tim Blythe, Nick Elwes,
Camilla Horsfall +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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