OECD Process Concludes on Release of Final Report

RNS Number : 6632Y

GCM Resources PLC

10 September 2015

 

10^th September 2015

GCM Resources plc

("GCM" or the "Company")

(AIM:GCM) 

OECD Process Concludes on Release of Final Report

GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, is pleased to announce the UK National Contact Point to the OECD ("NCP") has today published a Follow-up Statement (the "Report") which completes the final stage of the OECD process.

The Report allowed parties to provide their final update on activities, normally twelve months following the publication of the Final Statement (previously announced on 20 November 2014). The Report can be found at https://www.gov.uk/government/collections/uk-national-contact-point-statements .

In its update to the NCP, the Company reported that in keeping with its commitment to engage with the local communities of North-West Bangladesh, it has met with approximately 2,500 people since 2012 including community and political leaders, business community members, NGOs, youth groups, farmers and members of the indigenous community. The Company also reiterated its commitment to fully update the Environmental & Social Impact Assessment, along with a Human Rights Impact Assessment prior to commencing development of GCM's Phulbari Coal Project ("Project").

In the Report, the NCP advised there was no change in its findings as stated in the Final Statement from November 2014 and there was no basis to find GCM's actions either inadequate or inappropriate to the nature and context of the Company's operations. 

The NCP also noted that GCM has an obligation to consider and manage the environmental and social aspects throughout the project life cycle. The Company entirely accepts this responsibility and re-confirms its commitment to developing the Project in accordance with the highest international and national social and environmental standards, including the OECD Guidelines for Multinational Enterprises.

Michael Tang, Executive Chairman, commented: "We are pleased that the OECD process, which started in December 2012, has come to a close and has seen GCM exonerated. We recognise that the Phulbari Coal Project is an important asset for Bangladesh, and it is essential that its development delivers substantial social and economic benefits to all stakeholders, especially the local community where the Project is based."

For further information:

GCM Resources plc James Hobson CFO & Company Secretary  [phone]	Bell Pottinger Lorna Cobbett / Joanna Boon [phone]
ZAI Corporate Finance Ltd Nominated Adviser and Broker Tom Price [phone]

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

 

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