The London-based GCM Resources (LON:GCM) has reported that its staff at both its Dhaka office and at its Phulbari facilities are safe and in good spirits.
The departure of the country’s Prime Minister on Monday followed weeks of disruption across the country.
Major Project
The company has identified a high-quality coal resource of 572m tonnes at the Phulbari Coal and Power Project in north-west Bangladesh.
This potentially important project needs the approval and support of the Government of Bangladesh in its development.
Utilising the latest highly energy efficient power generating technology the Phulbari coal mine can support some 6,600MW.
The Project site can also support over 2,000MW of Solar Power capacity throughout the Project life span.
The company’s mine proposal is to supply coal to the coal-fired power plants and / or power plants implemented with its development partner.
GCM aims to deliver a practical power solution to provide the cheapest coal-fired electricity in the country.
New Government Energy Decisions
It is envisaged any new Bangladesh government will need to make decisions on energy supply.
The company has stated that it is ready to assist and put forward the Phulbari coal mine development as an important contribution towards stabilising the coal supply for Bangladesh’s existing coal-fired power plants, which now includes another brand newly commissioned 1,320MW power plant in the Payra area.
GCM Resources is capitalised at just £10m, with its shares, which were up to 10p in April, are currently trading at around 3.4p.