Global Coal Management Plc (formerly Asia Energy PLC)



Overview

GCM Resources plc (GCM) is a London-based resource exploration and development company. Its principal asset is its undeveloped coal deposit in the Phulbari region of Bangladesh, the development of which is awaiting approval from the Government of Bangladesh. It also has investments in other companies with mining interests. The company's shares are quoted on the Alternative Investment Market (AIM). (Ticker code: GCM).

The Phulbari Coal Project is a substantial, world class coal resource that will support a long life, low cost mining operation. It is the only such deposit in Bangladesh that has been subjected to a full Feasibility Study and Environmental and Social Impact Assessment prepared to international standards. In partnership with the Bangladesh Government, civil society and the community, GCM is committed to developing the Phulbari Coal Project to the highest social and environmental standards. By doing this, GCM seeks to maximise the benefits of the Project for both the Company’s shareholders and the people of Bangladesh.

The Company (GCM) under its former name, Asia Energy PLC, was incorporated in England and Wales as a public limited company on 26 September 2003. Asia Energy PLC was admitted to the Alternative Investment Market (AIM) of the London Stock Exchange on 19 April 2004. Through seed capital raising and the subsequent placement of shares, some £14 million was raised.

In November 2005, following submission to the Government of Bangladesh of the Phulbari Coal Project's Feasibility Study and Scheme of Development, the Company placed an additional 7 million shares and raised a further £33 million.

GCM actively reviews investment opportunities in order to broaden its global investment portfolio.

Coal Project facts

■ Energy security and diversity – The Project has a unique role to play in addressing the country’s electricity shortfall as its development will provide the basis for a step change in the country’s electricity generating capacity.
■Regional development – The Project will provide 17,000 jobs (direct and indirect). In addition the development of new industries using the industrial mineral co-products from the mine will create thousands of more jobs. The living conditions of all affected people will be improved and their livelihoods will be restored and in many cases improved. As a result of year round irrigation, improved water quality, improved inputs and improved farming practices it will be possible to produce three crops per year with higher yields than at present.
■Huge economic impact – Phulbari will contribute 1% to Bangladesh’s GDP each year and pay US$7.0 billion in taxes, royalties and service charges to the Government over the life of the Project. The replacement of high sulphur imported coals and other hydrocarbons will have a positive effect on balance of payments and air quality.

In partnership with the Bangladesh Government, civil society and the community, GCM is committed to developing the Phulbari Coal Project to the highest national and international social and environmental standards. By doing this, GCM seeks to maximise the benefits of the Project for both the company’s shareholders and the people of Bangladesh.

Background

Bangladesh is one of the most densely populated countries in the world with some 162 million people living in an area two thirds the size of the United Kingdom or about the size of New York State. Less than one third of its population live in cities while the majority live in rural areas relying on a predominantly subsistence lifestyle. GDP per capita is around US$1,700 (ppp) per annum compared with a world average of US$10,500. Less than half the population have access to electricity. Bangladesh is a country of enormous potential. It has the eighth largest work force in the world and is included in the “Next Eleven” countries that, after the BRICs (Brazil, Russia, India, and China), were identified by Goldman Sachs as having the potential to become the world’s largest economies in the 21st century. It has enjoyed more than 6% economic growth in real terms over the last five years as well as substantial improvements in measures of human development. For example, between 1980 and 2006 life expectancy has improved from 48 years to 63 years and literacy rates have improved from 29% to 53%.

Bangladesh is one of the most climate vulnerable countries in the world with a significant proportion of the population living in remote or ecologically fragile areas such as river islands or cyclone prone coastal areas. Two thirds of the country is less than five metres above sea level making it vulnerable to the predicted effects of climate change.

Although Bangladesh is vulnerable to the effects of climate change, it is not itself a significant emitter of carbon dioxide. Per capita carbon dioxide emissions (0.3t/capita) are substantially below other countries in the region (Pakistan 0.9t/capita, India 1.4t/capita, China 4.9t/capita) which themselves are substantially less than emissions from developed countries (UK 8.9t/capita, USA 18.9t/capita). Even with the addition of the 4,000MW of electricity capacity which Phulbari coal could support, Bangladesh would still be one of the lowest emitters of carbon dioxide in the world, substantially less per capita than its neighbouring countries.


http://www.gcmplc.com/

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Asia Energy Launches Its Bengali Website
Coal
EB Report , published 13/7/2007

Page [ 1 ]

Asia Energy Corporation (Bangladesh) Pvt. Ltd. has launched a Bengali website to make available information about its Phulbari coalmine project.



The new web address is: www.phulbaricoal.com.

Addressing a function at a city hotel on this occasion Thursday evening, Chief Executive Officer (CEO) of the Asia Energy Gary N Lye said that they are waiting for the governments approval to implement the Phulbari coalmine project.



The UK-based company conducted a feasibility study on Phulbari coalmine project and determined an approximate reserve at 572 million tons.



Finally, it submitted a US$ 2 billion-development scheme during the immediate past BNP-led alliance government in October 2005 to extract coal from the mine through an opencast mining method. But the plan is yet to be approved by the government.



Replying to a question, the Asia Energy Bangladesh chief said that the opencast mining would be the only suitable option for Phulbari coalmine project to extract highest amount of coal from the mine.



He said the company is ready to deliver a reliable supply of affordable coal for power generation and other industrial and domestic needs for next 30 years.

Thanks for the update and weblink Smiler O. Another very positive 'Ping'.

Yes darradev I think so, 7 billion dollars of estimated tax revenue in addition to more reliable future power supply is surely something the government will support One would like to think !!! Not long now I hope

Almost all buys today ! not long now 50p or 15 ??

Smiler not so sure about GCM but I do like the look of Rab one of the major share holders seem to be well run and go from strength to strength may be worth a or two

Yes agree Flash , I also like GPN & FOGL (rab), however GCM could be a 10 bagger, risk / reward ratio is about 25/30% downside and +1000% upside. +

with barclays they will let you buy electronically :

5000 @ 138.5
15000 @ 140.00 Max

Orders bigger than 15000 have to be placed to the market, max available 100k at 141.00 , but up and down at the Mo !!

Asia Energy launches Bangla website, awaits govt nod on Phulbari project


Asia Energy Corporation (Bangladesh) Pvt. Ltd. has launched a Bangla website to make available information about its Phulbari coalmine project, reports UNB.
The new website address is: www.phulbaricoal.com.
Speaking at a function on this occasion at a city hotel Thursday evening, Asia Energy Chief Executive Officer (CEO) Gary N Lye said they are waiting for the government's approval to implement the Phulbari coalmine project. The UK-based company conducted a feasibility study on Phulbari coalmine project and determined an approximate reserve of 572 million tonnes.
Finally, it submitted a US$ 2 billion-development scheme during the immediate past BNP-led alliance government in October 2005 to extract coal from the mine through an open-cast mining method. But the plan is yet to be approved by the government.
Replying to a question, the Asia Energy Bangladesh chief said that the open-cast mining would be the only suitable option for Phulbari coalmine project to extract the highest amount of coal from the mine. He said the company is ready to deliver a reliable supply of affordable coal for power generation and other industrial and domestic needs for next 30 years.

Looking positive, some good buying today ?

Morning Smiler, small volumes but positive yes. I am looking at the volume traded as a measure for this one. Still no major players dealing ..., yet.

Am holding patiently. Half of me says this is a 'no brainer', the country needs the energy source, whilst the other half says 'politics', always gets in the way of sensible decision making. Hope the government can make up their minds sensibly.

are you watching, ajcc ! INTRESTING to see where this ends up today ?

Morning darradev, one thing before the crap hit the fan, GCM hit over 9 so if they grant permission for open pit mining, give GCM their permit then this could sky rocket IMO." even now volume on the up ! "With the pre-empting of the new website, Mittal's huge investment and RAB's enormous stake over its funds in GCM (+25%), WITH A LOT OF LUCK may see some fireworks here soon. but still some risk here !!

who switched the lights on? :-)

Any ideas why the step change today?

anticipation I think ! some may have noticed that IF this comes off , this will go up ten fold ! The big question is if & when !!

Just had a look at the website again at shares and shareholding. At 48.8M shares looks like over 50% are held with Insti's and the rest PI. RAB and UBS hold 30% between them, others 20%. Leaves a free float of around 24M shares.

Shareholder % of Issued Capital
RAB Capital 19.22
UBS AG 11.60
Fidelity Group 5.98
Barclays PLC 4.32
Credit Suisse 3.90
L-R Global 3.74
Capital Group 3.07

Last updated July 2007

2006 Annual report available at:

http://www.gcmplc.com/investor_relations/

WELL not a bad day, some more buying towards the end ,lets hope the long term holders get rewarded soon !!

still some early buying, still a lot of opposition ( finger on the sell button) just in case, but fingers crossed !

Morning Smiler, quieter day today.

yes it did start slow yesterday darradev, it may hot up mid day , still you never know may come off yet !!!!