Last checked at 27 Sep 2021 07:00
27 September 2021
GCM Resources plc
("GCM" or the "Company")
Chinese President's address to the United Nations General Assembly
GCM Resources plc (LON: GCM), an AIM quoted mining and energy company, has noted and reviewed the Chinese President's address to the United Nations General Assembly, with particular attention to the comments regarding Developing Nations and Climate Change, and provide the following context statement in relation to the Phulbari Coal and Power Project.
GCM note that the President stated that as the world emerged from this pandemic, efforts to revitalise economies would also include the pursuit of "greener", more balanced development and a need for inclusive growth. In this regard he stated China would step up efforts to assist Developing Countries access "green" and "low carbon" energy, and that China would not build new coal-fired power projects abroad.
It is noted that no further details were provided, there has been no immediate change in China's policy and the impact on China's future financing of coal-fired power projects would not really be understood until a policy is framed and it is seen how that policy is implemented.
GCM remain committed to delivering the Phulbari Coal and Power Project in a form that fits in with the Bangladesh Government's Energy and Power Sector development ambitions. Paramount to the Project's success is the Phulbari coal mine that can support over 6,000MW of power for some 30 years.
The Bangladesh Government has indicated coal-fired power will remain significant in its strategic energy mix for several decades. Whilst the option remains to install power plants at the Phulbari coal mine site, there is also the potential to supply coal to the country's already commissioned and under construction coal-fired plants. In this scenario, Greenhouse Gas emissions from shipping that quantity of coal to Bangladesh would be eliminated. Extraction of that coal at Phulbari may also take advantage of developments in "zero emission" mining equipment and the real possibility of powering that equipment with solar power installed within the project area. The project site could support the installation of solar panels for grid connection as well.
Michael Tang, CEO of GCM, commented: "We remain committed to delivering the Phulbari Coal and Power Project to meet the Bangladesh Government's requirements. We are conscious of the need to balance social and economic development with Climate Change actions and have taken steps to ensure we can both deliver high quality coal to support power generation and also assist the Bangladesh Government meet its Greenhouse Gas Emission and Renewable Energy Targets.
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 Keith Fulton Finance Director +44 (0) 20 7290 1630
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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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info@gcmplc.com; www.gcmplc.com |
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About GCM Resources
GCM Resources plc (LON: GCM), an 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 is capable of supporting power plants of up to 6,000MW. GCM is awaiting approval from the Government of Bangladesh to develop the Project. The Company has a strategy of combining the Company's mine proposal with up to 6,000MW of power generation, together with credible, internationally recognised strategic 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.