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GCM Resources ( (GB:GCM) ) has provided an update.
GCM Resources plc and Power Construction Corporation of China have extended their memorandum of understanding for the Phulbari coal mine development until December 2025. This extension supports ongoing efforts to finalize work packages necessary for the mine’s production, potentially reducing Bangladesh’s reliance on imported energy by utilizing domestic coal resources. The development is poised to enhance the country’s energy independence and economic stability by providing a reliable supply of affordable energy.
More about GCM Resources
GCM Resources plc is an AIM-listed mining and energy company that has identified a high-quality coal resource of 572 million tonnes at the Phulbari Coal and Power Project in north-west Bangladesh. The company focuses on utilizing the latest highly energy-efficient power-generating technology to support coal-fired electricity production, aiming to supply coal to Bangladesh’s existing and planned power plants.
YTD Price Performance: -33.96%
Average Trading Volume: 765,423
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £4.84M
For a thorough assessment of GCM stock, go to TipRanks’ Stock Analysis page.
