REG - GCM Resources PLC - Resignation of Director & Project Update

GCM ResourcesAnnouncement

15/09/2023 07:00

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RNS Number : 5244M  GCM Resources PLC  15 September 2023

GCM Resources plc

("GCM" or the "Company")

 

Resignation of Director & Project Update

 

 

GCM Resources plc (LON:GCM), an AIM quoted mining and energy company,
announces that for personal reasons Mohd Najib Bin Abdul Aziz has reluctantly
tendered his resignation from his position as Independent Non-Executive
Chairman. The Board would like to take this opportunity to thank Najib for his
services during the period from June 2019 to date, and to wish him success in
the future. Najib's resignation takes effect from 11 October 2023. The Company
is currently in the process of recruiting new Independent Non-Executive
Directors ("NEDs").

 

As a result of Najib's resignation, the Company is pleased that Independent
Non-Executive Director, Christian Taylor-Wilkinson, has agreed to act as
interim Non-Executive Chairman until such time that new NEDs are appointed and
the board makes its final decision on the Chairman role.

 

Project Update

The Company also wishes to advise its shareholders that throughout the
Bangladesh General Election period (election due in January 2024) it continues
to promote its planned coal mining and power project ("the Project") in
Bangladesh, which it aims to develop in partnership with the Government of
Bangladesh.  The Project will deliver the Government and People of Bangladesh
a step-jump in their economy which is dealing with the very considerable
financial burden of rampant energy costs.

 

The CEO of GCM, Datuk Michael Tang PJN, stated:

"I would like to thank Najib for his valuable contribution to the GCM Board
during his term of office and wish him well in his future endeavours."

 

 

 

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             WH Ireland Ltd

 Keith Fulton                  James Joyce

 Finance Director              Andrew De Andrade

  +44 (0) 20 7290 1630         +44 (0) 20 7220 1666

 GCM Resources plc
 Tel: +44 (0) 20 7290 1630
 info@gcmplc.com; www.gcmplc.com (http://www.gcmplc.com)

 

 

About GCM Resources

GCM Resources plc (LON:GCM), the 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 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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