REG - GCM Resources PLC - Interim Results for the 6 months ended 31 Dec 2024
31/03/2025 07:15
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RNS Number : 8706C GCM Resources PLC 31 March 2025
31 March 2025
GCM Resources plc
("GCM" or the "Company")
Interim Results for the 6 months ended 31 December 2024
GCM Resources plc (AIM: GCM), the AIM traded resource exploration and
development company, announces its Interim Report for the six months to 31
December 2024.
Highlights and Outlook
· Bangladesh's new Government appears serious in addressing its
lack of domestic coal production in the near term:
· Bangladesh is currently almost entirely reliant on imports of coal
to fuel its growing number of power stations to meet burgeoning demand for
energy - an issue compounded by a natural gas shortfall in country
· Bangladesh's level of coal imports surged 44% in 2023(1)
· The Company believes the outlook for moving the proposed
Phulbari coal mine forward has greatly improved on the basis of:
o The recent demonstration by the new Government (and its Ministry) that
domestic coal must be extracted and that the proposed Phulbari coal mine is a
big factor is delivering the necessary coal supply
o Bangladesh's economy remaining under pressure with respect to foreign
exchange reserves, inflation and purchasing power
(1)Theglobaleconomy.com
Chairman's Statement
Whilst it is generally expected that the Chairman's Statement commences by
chronologically running through events in the reporting period, there has been
an exciting recent development that needs to be highlighted. Over the past
year our Dhaka team has reported on efforts by the Ministry for Power, Energy
and Mineral Resources ("the Ministry") to prepare a presentation focusing on
strategies and challenges related to the country's coal-based energy sector.
This initiative waxed and waned as the country's political landscape changed
but we are delighted to report that a government organised seminar focussed on
"Prospects and Challenges of Bangladesh's Coal Resources and Measures to
Overcome" took place on 27 February this year.
The Seminar was chaired by the Energy Secretary with the Energy Adviser as the
chief guest. There were over 70 invited guests with some 40% being government
agency officials, 50% from academia and 10% media representatives. The Energy
Adviser set the scene regarding the coal debate and said that the country
needs to decide on coal extraction, whether to pursue open-pit or underground
mining, how to select the mining companies, and whether to review existing
studies or conduct new ones. The Energy Secretary emphasised that the time has
come to decide to use the country's resources. He stated the country has many
coal-based power plants and is struggling to pay foreign currency for coal
imports. He further stated that the seminar had been organized to create a
roadmap for using national resources and that decisions will be made on how to
utilize the country's coal resources following discussions with participants
at the seminar.
The Seminar was informed that to save hard-earned foreign currency in an
import-dependent energy system, urgent decisions must be made to extract the
vast amount of coal reserves in the country in the national interest.
Coal-based power plants with a capacity of some 8,000 megawatts have been
established in the country, however due to a lack of coal, the plants in
operation cannot run at full capacity. A significant amount of foreign
currency is being spent on coal imports. In this situation, there is no
alternative but to start extracting the 7,823 million tons of coal reserves.
The southern part of the government-owned Barapukuria coal mine and the
proposed Phulbari coal project have completed all necessary surveys and are
ready for mining activities.
It is significant for GCM and its shareholders that this Seminar being led by
the Energy Adviser and Energy Secretary, finally demonstrates positive
intentions by the Bangladesh Government to develop its domestic coal
resources. This message was reinforced by the Presentation by Government
personnel that highlighted the proposed Phulbari coal mine readiness and
benefits and its ability to help solve the country's coal supply needs.
Together with our consultants we are examining the steps to be taken that
maximise leverage from the Seminar in pursuit of approval and development of
the Project.
Back to the reporting period; it was dominated by a radical change in the
Bangladesh political landscape that started mid-year with student led protests
focused on public service job quota reforms to provide equality in job
applications. However, the situation quickly escalated into a larger
anti-government demonstration, that on 5 August led to the resignation of the
long-term Awami League and caused the former Prime Minister to flee
Bangladesh.
Nobel laureate Dr Muhammad Yunus agreed to take on the role of Chief Adviser
and form an Interim Government chartered with maintaining law and order and
implementing major institutional reforms in preparation for fair elections.
The Interim Government has 21 Advisers to guide the various ministries, and it
established 11 commissions to report on these reforms, including those for the
Constitution, electoral system, police administration, judiciary,
anti-corruption, and public administration.
From its inception, the Interim Government led by Dr Yunus has enjoyed
international community support and was not pressured to hold elections
immediately, in recognition that these reforms will take time to implement.
Although in the months following this reporting period, re-emerging political
parties are increasingly pushing for early elections. However, this growing
impatience has been tempered by the formation of a student-led political
party, 'Jatiya Nagorik Party' (National Citizens' Party), which will take time
to galvanize its country-wide networks.
In the reporting period, the Company announced on 15 July that it had
appointment of Zeus Capital Limited as Nominated Adviser and Joint Broker.
This change followed the acquisition of WH Ireland Capital Markets Division by
Zeus Capital Limited. The Company subsequently notified on 5 November 2024
that it had received a notice of resignation from Zeus Capital Limited and had
appointed Allenby Capital Limited as Nominated Adviser and Joint Broker.
On 26 November, the Company announced that Gary Lye had stepped down from his
position of Executive Director and would continue to focus on its operations
in Bangladesh in the capacity a GCM's non-board Chief Operating Officer and
Chief Executive Officer of wholly owned subsidiary, Asia Energy Corporation
(Bangladesh) Pty Ltd.
On 13 December, the Company held its Annual General Meeting 2024 in London and
also announced that its development partner, Power Construction Corporation of
China, Ltd ("PowerChina") had agreed to an extension of the Memorandum of
Understanding ("MoU") primarily focused on the Phulbari coal mine development.
GCM and PowerChina have already made a significant step towards developing the
Phulbari coal mine via the EPC contract for "Phulbari Coal Mining
Infrastructure Construction and Overburden Stripping" (announced 11 March
2024) and work under the MoU aims to derive the modality for PowerChina's
involvement in other work packages and financing.
Just outside the reporting period, the Company announced on 8 January 2025
renewal of the consultancy agreement with Dyani Corporation ('Dyani") on
similar terms as that which had expired on 30 June 2022. Under the terms of
the extended agreement which expires on 31 December 2025, Dyani will continue
to promote the Phulbari Coal and Power Project ("the Project"), grow the
relationship with development partner, PowerChina, and identify additional
business opportunities that could be developed as adjuncts to the Project.
On 28 January 2025, the Company announced it had renewed the consultancy
agreement with DG Infratech Pte Ltd ("DGI") through to 31 December 2025. Under
the agreement, DGI will continue to provide advisory, management, lobbying and
consultancy services to assist with approvals and cooperation necessary to
develop the Project.
Financials
GCM incurred a loss after tax of £1,302,000 for the six months ended 31
December 2024 (31 December 2023: loss after tax of £702,000). The most
significant expenditure during the period was pre-development (non-cash)
expenditure as a result of the renewal of consultants' contracts, while
administrative expenses for the six months ended 31 December 2024 were
£461,000 (31 December 2023: £355,000) and capitalised project expenditure
for the period was £259,000 (31 December 2023: £173,000).
On 28 March 2025, GCM announced that it had conditionally raised approximately
£1.0 million (before expenses) by way of a placing (the "Placing") of a
total of 33,333,333 new ordinary shares of 1 pence each in the Company
("Ordinary Shares") at a price of 3.0 pence per new Ordinary Share (the
"Issue Price"). The net proceeds of the Placing will provide the necessary
working capital to support GCM's ongoing operations. These funds will be
allocated to corporate overheads, legal and advisory costs, and general
administrative expenses associated with managing the Company effectively. The
net proceeds of the Placing will help ensure that the Company is in the
financial position to advance its broader strategic objectives.
Outlook
It is apparent from the forementioned Seminar and its action-orientated title:
"Prospects and Challenges of Bangladesh's Coal Resources and Measures to
Overcome", the Government is serious regarding developing its domestic coal
resources. It is also apparent from the fact that the Presentation to the
Seminar by Ministry officials highlighted the benefits of developing the
Phulbari coal mine that the GCM Project is on their radar as an important
non-import coal supply solution.
Against this backdrop, it appears the outlook for moving the Project forward
has greatly improved and that it is now more the question of when. In the
analysis of "when", considerations will involve the sense of urgency driven by
the country's economic position and the election schedule. With regard to the
former, the economy is reported to remain under pressure with respect to
foreign exchange reserves, inflation and purchasing power of the local
currency. Compounding this is the mounting uncertainties within the world
economy and the suspension of foreign aid by the US government. Regarding the
latter, the mainstream political parties are calling for an early election to
restore democracy and shore up law and order, however, the Chief Adviser
remains circumspect and although has suggested an election by December 2025 is
possible, it is also suggested this would depend on acceptance of reforms
which are yet to be finalised.
The Directors are appreciative of enduring support of its shareholders,
stakeholders and staff
The recent demonstration by the Government and its Ministry that domestic coal
must be extracted and that the proposed Phulbari coal mine is a big factor is
delivering the necessary coal supply, enhances our confidence that the Project
is poised to move forward.
Paul Shackleton
Acting Non-Executive Chairman
Interim Consolidated Income Statement
6 months ended 31 December 2024 6 months ended 31 December 2023 Year ended
unaudited unaudited 30 June
£000 £000 2024
audited
£000
Operating expenses
Pre-development expenditure (628) (90) (90)
Exploration and evaluation costs 41 (15) (2)
Administrative expenses (461) (355) (807)
Operating loss (1,048) (460) (899)
Finance revenue 12 - 5
Finance costs (266) (242) (494)
Loss before tax (1,302) (702) (1,388)
Taxation - - -
Loss and total comprehensive income for the period (1,302) (702) (1,388)
Earnings per share
Basic loss per share (pence) (0.5p) (0.3p) (0.6p)
Diluted loss per share (pence) (0.5p) (0.3p) (0.6p)
Interim Consolidated Statement of Changes in Equity
Share capital Share premium account Share based payments not settled Accumulated losses Total
£000
£000
£000 £000
£000
Balance at 1 July 2023 12,748 58,054 569 (33,952) 37,419
Total comprehensive loss - - - (1,388) (1,388)
Share issuances 689 2,052 (180) - 2,561
Share issuance costs - (228) - - (228)
Shares to be issued - - 90 - 90
Share based payments - - 2 - 2
Balance at 30 June 2024 13,437 59,878 481 (35,340) 38,456
Total comprehensive loss - - - (1,302) (1,302)
Share issuances - - - - -
Shares to be issued - - 628 - 628
Share based payments - - 1 - 1
Balance at 31 December 2024 (unaudited) 13,437 59,878 1,110 (36,642) 37,783
Balance at 1 July 2023 12,748 58,054 569 (33,952) 37,419
Total comprehensive loss - - - (702) (702)
Share issuances - - - - -
Shares to be issued - - 90 - 90
Share based payments - - 1 - 1
Balance at 31 December 2023 (unaudited) 12,748 58,054 660 (34,654) 36,808
Interim Consolidated Balance Sheet
31 December 2024 31 December 2023 30 June
unaudited unaudited 2024
Notes £000 £000 audited
£000
Current assets
Cash and cash equivalents 983 54 1,658
Receivables 37 38 22
Total current assets 1,020 92 1,680
Non-current assets
Right of use assets 11 30 21
Intangible assets 3 44,069 43,540 43,810
Total non-current assets 44,080 43,570 43,831
Total assets 45,100 43,662 45,511
Current liabilities
Payables 4 (1,385) (1,417) (1,380)
Lease liabilities (9) (32) (15)
Borrowings 5 - - -
Total current liabilities (1,394) (1,449) (1,395)
Non-current liabilities
Lease liabilities - - (3)
Borrowings (5,923) (5,405) (5,657)
Total non-current liabilities (5,923) (5,405) (5,660)
Total liabilities (7,317) (6,854) (7,055)
Net assets 37,783 36,808 38,456
Equity
Share capital 6 13,437 12,748 13,437
Share premium account 6 59,878 58,054 59,878
Other reserves 1,110 660 481
Accumulated losses (36,642) (34,654) (35,340)
Total equity 37,783 36,808 38,456
Interim Consolidated Statement of Cash Flows
6 months ended 31 December 2024 6 months ended 31 December 2023 Year ended
unaudited unaudited 30 June
£000 £000 2024
audited
£000
Cash flows used in operating activities
Loss before tax (1,302) (702) (1,388)
Adjusted for:
Non-cash pre-development expenditure 628 90 90
Non-cash finance costs 266 242 494
Other non-cash expenses - - 8
(408) (370) (796)
Movements in working capital:
(Increase)/decrease in operating receivables (14) (1) 2
Increase/(decrease) in operating payables 1 58 31
Cash used in operations (421) (313) (763)
Net cash used in operating activities (421) (313) (763)
Cash flows from investing activities
Payments for intangible assets (254) (176) (444)
Payments for property, plant and equipment - - -
Net cash generated from investing activities (254) (176) (444)
Cash flows from financing activities
Issue of ordinary share capital - - 2,550
Share issue costs - - (228)
Proceeds from borrowing - - -
Interest paid - - -
Net cash from financing activities - - 2,322
Total (decrease)/increase in cash and cash equivalents (675) (489) 1,115
Cash and cash equivalents at the start of the period 1,658 543 543
Cash and cash equivalents at the end of the period 983 54 1,658
Notes to the Interim Condensed Consolidated Financial Statements
1. Accounting policies
GCM Resources plc (GCM) is domiciled in England and Wales, was incorporated as
a Public Limited Company on 26 September 2003 and admitted to the London Stock
Exchange Alternative Investment Market (AIM) on 19 April 2004.
This unaudited interim report was authorised for issue by the Board of
Directors on 31 March 2025.
Basis of preparation
The annual consolidated financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRSs) as they apply to the
financial statements of the Group for the year ended 30 June 2024 and applied
in accordance with the Companies Act 2006.
The interim condensed consolidated financial statements for the six months
ended 31 December 2024 have been prepared using the same policies and methods
of computation as applied in the financial statements for the year ended 30
June 2024. The financial information contained herein does not constitute
statutory accounts within the meaning of Section 435 of the Companies Act 2006
and is unaudited. The figures for the year ended 30 June 2024 have been
extracted from the statutory accounts for that year. Those accounts have
been delivered to the Registrar of Companies and contained an unqualified
auditors' report which included a material uncertainty paragraph for the Group
to continue as a going concern and did not include a statement under section
498(2)(a) or (b), or section 498(3) of the Companies Act 2006.
Political and economic risks - carrying value of intangible asset
The principal asset is in Bangladesh and accordingly subject to the political,
judicial, fiscal, social and economic risks associated with operating in that
country.
The Group's principal project relates to thermal coal and semi-soft coking
coal, the markets for which are subject to international and regional supply
and demand factors, and consequently future performance will be subject to
variations in the prices for these products.
GCM, through its subsidiaries, is party to a Contract with the Government of
Bangladesh which gives it the right to explore, develop and mine in respect of
the licence areas. The Group holds a mining lease and exploration licences in
the Phulbari area covering the prospective mine site. The mining lease has a
30-year term from 2004 and may be renewed for further periods of 10 years
each, at GCM's option.
In accordance with the terms of the Contract, GCM submitted a combined
Feasibility Study and Scheme of Development report on 2 October 2005 to the
Government of Bangladesh. Approval of the Scheme of Development from the
Government of Bangladesh is necessary to proceed with development of the mine.
GCM continues to await approval.
The Group has received no notification from the Government of Bangladesh (the
"Government") of any changes to the terms of the Contract. GCM has received
legal opinion that the Contract is enforceable under Bangladesh and
International law, and will consequently continue to endeavour to receive
approval for development.
Accordingly, the Directors believe that the Phulbari Coal and Power Project
(the "Project") will ultimately receive approval, although the timing of
approval remains in the hands of the Government. To enhance the prospects of
the Project, GCM has engaged in a strategy to align the Project with the needs
and objectives of the Government. This includes the option to supply coal to
both privately owned and the Government's own commissioned and in the pipeline
power plants, which currently totals 8,175MW. The Government is seeking to
grow its economy and deliver electricity at prices that will ensure
competitiveness of its industries. The Group's strategy of developing the
Phulbari coal deposit as a captive, large-scale, open pit mining operation
supporting some 6,600MW of highly energy-efficient Ultra-Supercritical power
generation will enable cheaper coal-fired electricity than imported coal
options. This evolving strategy has been enhanced to include installation of a
large-scale Solar Power Park (up to 2,000MW) within the Project area, to be
installed within the first two years of gaining land access; operating the
Phulbari coal mine as a "Net Zero Carbon" or "Green Mine"; and participation
modalities for Government.
Until approval of the Scheme of Development from the Government of Bangladesh
is received there is continued uncertainty over the recoverability of the
intangible mining assets. The Directors consider that it is appropriate to
continue to record the intangible mining assets at cost, however if for
whatever reason the Scheme of Development is not ultimately approved the Group
would impair all of its intangible mining assets, totalling £44,069,000 as at
31 December 2024.
Going concern
The interim financial report has been prepared on a going concern basis.
Although the Group's assets are not generating revenues, the directors
believe, having considered all available information, including the Company's
proven ability to raise further equity funds from its supportive shareholder
base, that the Group will have sufficient funds to meet its expected committed
and contractual expenditure for the foreseeable future. Thus, the directors
continue to adopt the going concern basis of accounting in preparing the
interim financial report for the period ended 31 December 2024.
Upon achieving approval of the Phulbari Coal and Power Project, significant
additional financial resources will be required to proceed to development.
2. Segment analysis
The Group operates in one segment being the exploration and evaluation of
energy related projects. The only significant project within this segment is
the Phulbari Coal and Power Project in Bangladesh.
3. Intangibles
During the period intangibles increased by £259,000. The increase is due to
capitalised mining exploration and evaluation expenditure relating to the
Phulbari Coal and Power Project in Bangladesh.
4. Payables
31 December 2024 31 December 2023 30 June
unaudited unaudited 2024
£000 £000 audited
£000
Trade payables 591 598 586
Related party accrued payable 794 819 794
Transaction costs payable - - -
1,385 1,417 1,380
The related party accrued payable of £794,000 at 31 December 2024 relates to
accrued fees owing to the management services company of the Chief Executive
Officer of the Company, Datuk Michael Tang PJN.
5. Borrowings
31 December 2024 31 December 2023 30 June
unaudited unaudited 2024
£000 £000 audited
£000
Short-term loan facility from related party 5,923 5,405 5,657
5,923 5,405 5,657
As a result of the amendment in terms noted below, the interest rate on the
loan facility increased from 15% to 16.5% effective 25 March 2024.
The Company on 1 March 2022, as part of the completed placing and
subscriptions, amended the terms of the loan facility, such that the lender
may request conversion by the issuance of new ordinary shares in the Company
at 5.14 pence per share (being the Issue Price) subject to any necessary
regulatory approvals. All other terms of the agreement remained unchanged.
The Company on 26 March 2021, as part of the completed placing, extended and
amended the terms of the loan facility provided by Polo Resources Limited (the
"Facility") of which, as was announced on 7 January 2021, there was at 30 June
2024, £300,000 of the initial £3.5 million facility remaining undrawn. The
lender has agreed that it will not serve a repayment request on the company
for 5 years from the date of the agreement replacing the previous provision
that it was payable on demand with 90 days' notice. The Company and Polo
Resources Limited have agreed an increase in the interest rate from 12% to 15%
per annum rising by 1.5% on the third anniversary and by a subsequent 1.5% on
each anniversary thereafter. Furthermore, the lender may request conversion by
the issuance of new ordinary shares in the Company at 7.5 pence per share
(being the Issue Price) subject to any necessary regulatory approvals. The
Company may elect to repay all or part of the outstanding loan at any time
giving 60 days' notice and with the agreement of Polo Resources Limited. Any
share issue to the Lender is conditional upon the Lender's interest, together
with the interest of any parties with which it is in concert, remaining below
30% of the Company's issued capital. All other principal terms of the loan
facility remain unchanged. Refer to the Group accounting policies for details
of Management judgement used in accounting for the loan amendment.
6. Share issues
There were no shares issued during the period.
7. Events after the end of the reporting period
The following events took place subsequent to 31 December 2024, for which
there has been no adjustment to the 31 December 2024 financial statements:
- On 8 January 2025, the Company announced that it had
agreed a new consulting agreement with Dyani Corporation, Ltd.
("Dyani") (the "Dyani Agreement"), to maintain and develop the Company's
relationship with our key partner, Power Construction Corporation of China,
Ltd. ("PowerChina"), on similar terms as previously announced. Details of the
key terms of the Dyani Agreement are set out below.
o A retainer fee of £25,000 per month backdated from 1 January 2024, paid
quarterly in arrears by the issuance of new Ordinary Shares priced at the 10
trading days volume weighted average price ("VWAP") immediately prior to the
end of the relevant quarter. Accordingly 8,706,769 new Ordinary Shares were
issued to Dyani.
o The success fees comprised a one-time fee equal to 2% of Company's issued
share capital (the "ISC") as at 7 January 2025 for facilitating and delivering
the Mine Construction Contract (an initial mine construction EPC Contract with
PowerChina), covering mine infrastructure and initial overburden removal
(noting that this is a sub-set of an all-encompassing Mine Development and
Operations Contract). This was achieved on 9 March 2024 and accordingly Dyani
was issued with 5,527,312 new Ordinary Shares.
o Dyani will also receive a one-time fee of £85,000 payable by way of
4,688,620 new Ordinary Shares for services, including furthering the
relationship with PowerChina, in the 18-month period prior to 1 January 2024.
The number of new Ordinary Shares to be issued in this respect have been
calculated using the 10 day VWAP to 26 November 2024.
o Accordingly, the Company issued, in aggregate, 18,922,701 new Ordinary
Shares to Dyani pursuant to the Dyani Agreement.
- On 28 January 2025, the Company announced it had agreed
a new consulting agreement with DG Infratech Pte Ltd ("DGI" or the
"Consultant") (the "DGI Agreement"), a Bangladeshi controlled company, to
help GCM obtain the consent of the Government of Bangladesh to develop the
proposed coal mine based on the world class high grade coal resource of 572
million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project
in North-West Bangladesh (the "Project"). The most recent extension of the
DGI Agreement was announced on 22 August 2022 and subsequently expired on 31
December 2023. Details of the key terms of the DGI Agreement are set out
below.
o A retainer fee of £12,000 per month backdated from 1 January 2024, paid
quarterly in arrears by the issuance of new Ordinary Shares priced at the 10
trading days volume weighted average price ("VWAP") immediately prior to the
end of the relevant quarter. Accordingly 4,179,248 new Ordinary Shares were
issued to DGI.
- - On 28 January 2025, the Company also
announced, further to the 3 March 2022, announce, inter alia, the issue of
41,463,605 new Ordinary Shares at a price of 5.14 pence per new Ordinary
Shares to raise gross proceeds of approximately £2.13 million (the
"Fundraise"). The Company has recently become aware that it erroneously
understated the number of new Ordinary Shares to be admitted to trading on AIM
by 249 new Ordinary Shares. Accordingly, the Company will issue an additional
249 new Ordinary Shares in relation to the Fundraise.
- - On 28 March 2025, the Company announced that
it had conditionally raised approximately £1.0 million (before expenses) by
way of a placing (the "Placing") of a total of 33,333,333 new ordinary
shares of 1 pence each in the Company ("Ordinary Shares") at a price
of 3.0 pence per new Ordinary Share (the "Issue Price").
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 Tel: +44 (0) 20 7290 1630
Keith Fulton, Finance Director info@gcmplc.com
www.gcmplc.com (http://www.gcmplc.com)
Allenby Capital Limited Tel: +44 (0)20 3328 5656
Nominated Adviser and Joint Broker info@allenbycapital.com (mailto:info@allenbycapital.com)
John Depasquale / Vivek Bhardwaj / Ashur Joseph (Corporate Finance)
Kelly Gardiner / Guy McDougall (Sales & Corporate Broking)
Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Joint Broker
Richard Hutchison / Lewis Jones
About GCM Resources
GCM Resources plc (LON: GCM), the AIM resource exploration and development,
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 can support some 6,600MW. GCM requires approval from the
Government of Bangladesh in order to develop the Project. The Company has a
strategy of linking the Company's mine proposal to supplying coal to the
Government of Bangladesh's existing and in the pipeline coal-fired power
plants and / or power plants developed development partners. Together with
credible, internationally recognised strategic development 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.
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