GCM Resources (GCM)

Sector:

Mining

Index:

FTSE AIM All-Share

2.20p
   
  • Change Today:
    -0.080p
  • 52 Week High: 10.00
  • 52 Week Low: 0.90
  • Currency: UK Pounds
  • Shares Issued: 276.37m
  • Volume: 224,676
  • Market Cap: £6.08m
  • RiskGrade: 517

Deal with Barclays    Trade now with Barclays Stockbrokers

GCM Resources buoyed by study results at Bangladesh project

By Duncan Ferris

Date: Tuesday 06 Nov 2018

LONDON (ShareCast) - (Sharecast News) - GCM Resources' shares were boosted on Tuesday after a prefeasibility study confirmed 6,000 megawatts can be generated at its planned mine-mouth coal-fired power plants in Bangladesh.
The Phulbari coal & power project can achieve the landmark with its thermal coal production if using a "highly energy efficient plant design" according to the report, which was conducted by Power Construction China Corporation (PowerChina).

Datuk Michael Tang, executive chairman of GCM, said: "This is a significant step for the Phulbari Coal and power project as it confirms that technically the project is able to support 6,000MW of power generation. Subject to satisfactory negotiations, we aim to extend the arrangement with PowerChina and then for more detailed feasibility studies to be completed on the proposed mine mouth power plants, which we anticipate will provide energy at the lowest-cost in Bangladesh."

The study focused on the technical aspects of developing 4,000MW of power generating capacity at the site in addition to an existing proposal for a 2,000MW plant with China Gezhouba Group which the group announced in July 2017.

The AIM traded company said the new report potentially provides a complete market for the planned 12m tonnes per annum of thermal coal production and that it intends to work further with PowerChina.

"We are confident that with the support of such high calibre development partners the Phulbari Coal and power project will deliver substantial benefits for the government, the people of Bangladesh and our shareholders," said Tang.

GCM Resources' shares were up 5.04% at 15.63p at 1604 GMT.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

GCM Resources Market Data

Currency UK Pounds
Share Price 2.20p
Change Today -0.080p
% Change -3.51 %
52 Week High 10.00
52 Week Low 0.90
Volume 224,676
Shares Issued 276.37m
Market Cap £6.08m
RiskGrade 517

GCM Resources Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
65.36% above the market average65.36% above the market average65.36% above the market average65.36% above the market average65.36% above the market average
77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average
Price Trend
34.65% below the market average34.65% below the market average34.65% below the market average34.65% below the market average34.65% below the market average
13.87% below the sector average13.87% below the sector average13.87% below the sector average13.87% below the sector average13.87% below the sector average
Income Not Available
Growth Not Available

GCM Resources Dividends

No dividends found

Trades for 08-Nov-2024

Time Volume / Share Price
16:00 150,000 @ 2.28p
13:43 13,058 @ 2.29p
12:13 51,618 @ 2.13p
11:00 10,000 @ 2.20p
11:00 10,000 @ 2.20p

GCM Resources Key Personnel

Finance Director Keith Fulton

Top of Page