UK-listed GCM Resources’ had a deal with a Chinese engineering company to develop coal-fired power plants at its project in Bangladesh.
According to reports GCM Resources signed a MOU with China Gezhouba Group International Engineering Co Ltd on 11 Nov’ 16, to have a joint venture to develop mine-mouth coal-fired power plants generating up to 2,000MW at the Phulbari coal and power project in Bangladesh.
GCM is awaiting government approval to develop Phulbari, which has a 2004 JORC compliant resource of 572 million ton.
The Gezhouba group is a subsidiary of a corporation that is a core member of the state-owned enterprise China Energy Engineering Group Co Ltd which designs, constructs, invests and operates infrastructure, real estate and coal mines.
GCM Resources’ also holds 15% of Canada’s Labrador Iron Mines and a 6% interest and management rights to the Grangesberg Iron project in Sweden.
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