Memorandum of Understanding

RNS Number : 0050P

GCM Resources PLC

11 November 2016

 

11^th November 2016

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM) 

Memorandum of Understanding

Mine-Mouth Power Plants

GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, is pleased to announce that a memorandum of understanding ("MOU") has been agreed with China Gezhouba Group International Engineering Co. Ltd ("CGGCINTL").

The MOU provides for parties to engage and mutually investigate the feasibility of a joint venture with respect to the development of mine-mouth coal fired power plants generating up to 2,000MW in total at the Phulbari Coal and Power Project site. 

CGGCINTL is a subsidiary of China Gezhouba Group Corporation (CGGC), which in turn is a core member of China Energy Engineering Group Co., Ltd., a super central state-owned enterprise of the People's Republic of China. CGGC's businesses cover the design, construction, investment and operation in power, water conservancy, highways, railways, bridges, municipal works, airports, ports, waterways, industrial and civil buildings, as well as real estate and coal mining amongst others.

The Executive Chairman of GCM, Datuk Michael Tang, stated: "We are delighted to have established this relationship with China Gezhouba Group International Engineering Co. Ltd, one of the largest and most respected engineering companies in the region and look forward to working with them for the mutual benefit of both parties."

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 James Hobson CFO & Company Secretary  [phone]	Bell Pottinger Greg Wood [phone]
ZAI Corporate Finance Ltd Nominated Adviser and Broker Peter Trevelyan-Clark, John Treacy [phone]

GCM Resources plc
Tel: [phone]
[e-mail]; www.gcmplc.com

 

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