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/

"

Of Interest :

Australian coal prices reach record

By Angela Macdonald-Smith Bloomberg NewsPublished: October 30, 2007

SYDNEY: Energy coal prices at the port of Newcastle, Australia, the world's biggest export harbor for the fuel, rose 1.3 percent to a record on expectations of supply shortages in Asia and a disruption to deliveries from a Queensland State mine.

"It's the expectations that demand continues to outpace supply so the market is in deficit; it's about people's perceptions of what is around the corner," Rory Simington, a senior coal analyst at AME Mineral Economics in Sydney, said of the record price. "We're coming into a period of higher demand, winter is approaching, and people are wondering where the additional supply is going to come from."

Asia Energy keen for Dhaka nod on minePublished: Friday, 2 November, 2007, 01:36 AM Doha Time

DHAKA: London-based miner Asia Energy hopes Bangladesh will soon agree a coal policy that will give the company the green light for a $3bn investment in a major coal mine project, and it defended the planned open pit mine against criticism from environmentalists.
Asia Energy Corp (Bangladesh), wholly-owned by AIM-listed Global Coal Management Plc, said it was waiting for Bangladesh to finalise its policy on the proposed Phulbari mine as this would help tackle energy supply shortages.
The company submitted a plan to the Bangladesh government in 2005 to develop the mine at Phulbari, 350km northwest of Dhaka. The mine would produce 15mn tonnes of coal a year and bring in $7.8bn revenue to the state over its 30-year life, the company said.
We are disappointed over the unnecessary delay that is escalating the project cost, now at more than $3bn, Asia Energy CEO Gary Lye said in an interview yesterday, but he added: We are ready to start work any moment if the government gives the go ahead.
The project was put on hold a year ago - after the company had spent $34mn on site development and feasibility studies - after protests at the site by environmental groups triggered clashes between local residents and police, in which six people were killed and dozens injured.
The protesters said the Phulbari project would displace some 50,000 people and irreparably damage the environment. Several climate experts also supported the protests.
The project is economically, environmentally and socially sustainable, Lye countered. It will generate 17,000 jobs, add electricity to the national grid and produce up to 15mn tonnes of good quality thermal and semi-soft cooking coal a year.
The project will have a 30-year life and give $7.81bn in revenues, taxes and employee wages to the government, he said, adding Asia Energy would deliver coal at an average price of $55 per tonne.
Lye said his company would spend $300mn to resettle those affected by the mine, including building a new town in the Dinajpur district. No one will be relocated without proper resettlement, he said.
He said feasibility studies showed there was 572mn tonnes of high quality coal at the Phulbari project.
Asia Energy initially submitted plans to develop the mine and build a 500 MW coal-fired power plant alongside, at a total cost of $2.5bn.
Given Bangladeshs increasing demand for coal as it shifts to coal-fired power generation, Asia Energy proposed to expand capacity at the power plant in phases up to 1000 MW, pushing up its investment to $3bn.
Experts have said Bangladeshs gas reserves are running out fast, prompting the switch to coal. All future power plants after 2010 will be based on coal. The brick-making industry alone currently consumes around 3mn tonnes of coal a year.
Bangladesh has 13.54tn cubic feet of proven and recoverable gas but is likely to face a shortage by 2011. The countrys five coal-fields, including Phulbari, have current reserves of 2.55bn tonnes, officials have said.
Around 1mn tonnes of coal is needed each year to produce 250 MW of power. The current electricity shortage in the country is around 2,000 MW.
Energy officials say they expect the government to approve a coal policy soon, though there is no clear deadline. The policy could allow for surplus coal to be exported after reserves meet a 50-year demand requirement, an energy ministry official said.
Phulbari coal will also generate export earnings, and reduce, or even eliminate, imports of coal, Lye said.Reuters

Thanks for all this info, Smiler-o; very helpful.

; )

If they can agree a coal policy that will give the company the green light for a $3bn investment in a major coal mine project, I would think we would see a x5 in a short time ! and will not see this level again for a while, heres hoping :)

Case against Khaleda Zia meritless : ACC

Dhaka, Oct 26: Bangladesh Anti-Corruption Commission (ACC), in its preliminary inquiry, found the allegations against detained former Prime Minister Khaleda Zia regarding two graft cases have \'\'no merit\'\'.
The anti-graft body decided not to take into cognisance the charges against Khaleda Zia regarding the compensation for Magurchhara gas field blow-out and leasing out Phulbari coal zone to Asia Energy.

\'\'As enough documents and evidence were not found for preparing a first information report (FIR) against the former Prime minister, the inquiry officer in his report suggested not to proceed further in this regard,\'\' ACC Secretary Mukhles Ur Rahman at a press briefing at the ACC headquarters said yesterday.

ACC Deputy Assistant Director Farid Uddin Ahmed submitted the report before Eid-ul-Fitr, saying no evidence or information was found to prove the allegations brought against Khaleda, the Daily Star reported.

\'\'The commission does not proceed with allegations lacking merit,\'\' the ACC secretary added.

It was alleged that Khaleda played \'\'dubious\'\' roles in realising the compensation for the Magurchhara blow-out caused by negligence of US company Occidental in 1997 and leasing out Phulbari coal zone to Asia Energy. Her actions in these matters violated the law and the country incurred huge financial losses at the expense of benefiting a few individuals.

According to an investigation report on the Magurchhara blow-out, awarding of the gas blocks to Occidental itself was highly controversial. The blow-out on June 14, 1997 caused a loss of Tk 3,900 crore.

The ACC is also investigating into allegations of awarding gas fields to Niko Resources involving both the Bangladesh Nationalist Party Chairperson and Awami League Chief Sheikh Hasina. The commission is likely to publish the investigation report in November.



All positive news and things look to be falling in to place quickly now with luck :)

EnergyBangla today ........ Sounds like the policy will be non commital enough to allow mining method / Export to be negotiated within specific contracts. The way to go for me, sounds positive ....... I like the last paragraph ....

The national coal committee working on the draft coal policy Saturday said it would not suggest anything that goes against the country`s interest. It suggested a limited export of coal after ensuring the country`s 50 years energy security. It has left the issue of coal export to a future committee to be set up under the coal sector master plan, to be adopted soon.

The committee held a meeting Saturday to discuss some issues of the draft coal policy. As a huge investment is involved in coal sector the committee might suggest the government to consider the coal export issue prudently.

About the method for development of the coal field former BUET vice-chancellor Abdul Matin Patwari and president of the committee told the meeting that the mining method should match with the consumption requirement of the country`s coal industry.

The committee observed that the total amount of the country`s coal reserve is needed to produce electricity in future, as gas would be exhausted by 2015 if new discovery is not made. So it suggested not going for coal export against the interest of people as people are the real owner of the country`s natural resources. At the same time there should be some room for the investors who will develop the field.

`We want to make a level playing ground for the investors, which would be public-private and foreign company`, Patwary said.

The country`s renowned mining expert Md. Mosharrof Hussain, former chairman of Petrobangla told the meeting that both the open pit and underground method has some limitations. He suggested for underground mining in Barapukuria considering the geological factors such as layer of coal, water and other parameters, which are totally different in Barapukuria. Mosharrof urged the committee to go for open pit mining at Phulbari coal field as they found in Barapukuria underground mining method did not work properly.

http://www.thedailystar.net/story.php?nid=10350

Front Page
WB president defends conditional loans
Happy with govt's ongoing institutional reforms
Staff Correspondent

"World Bank (WB) President Robert Zoellick yesterday concluded his first trip to Bangladesh, justifying the bank's practice of attaching conditions to loans."

"Currently, the World Bank is the largest single lender to Bangladesh providing just below 50 percent of the country's development loans."

"Zoellick spoke to the government at length about prioritising the power sector, with the WB willing to put its weight and money behind a push to make large-scale investment in the sector to improve energy generation to support a growing Bangladeshi economy."

Exporting energy?
Forrest Cookson

At the end of 2007 Bangladesh faces two serious, but different, problems in the energy sector: first, a shortfall in the electricity generating capacity; second, a shortage of domestically produced fuels for firing the power plants.

The failure to provide the electricity generating plants is a consequence of the poor governance and greed of the four-party alliance government. The caretaker government is moving systematically to insure that there is sufficient generating capacity. This column examines the second problem, why the energy sector has failed to develop the fuel resources needed by the economy?

Bangladesh has significant coal and natural gas resources. Prospects for significantly larger discoveries of natural gas are very good but take time for exploration and development. Major coal reserves have been found. Tragically for the economy, neither of these resources has been developed to a level sufficient to satisfy the growing energy demands of the economy: the poorer western region of Bangladesh faces an acute shortage of energy; most of rural Bangladesh does not have access to electricity; most large industrial establishments prefer to generate their own electricity rather than rely on the PDB.

Within Bangladesh there have been significant discoveries of natural gas that have been exploited to fire electricity generating plants, as a feedstock for the production of urea, to provide a source of heat for industry and households, and to fuel vehicles using CNG.

A large part of energy consumption comes from natural gas. Geologists consistently report that there are promising prospects for discovering more gas fields. Yet the reality of today is that there is a shortage of gas and the future looks very bleak, with very limited ability to increase gas supply in the next decade.

How did this situation arise wherein a country rich in natural gas faces an acute shortage for the next several years? The answer is simple -- the refusal to export natural gas discourages exploration by the energy companies that have signed production sharing contracts. Why is this?

Suppose that there are two companies exploring for gas and by their exploration activities each identifies 4 TCF of gas. To carry out such exploration including exploratory drilling the company may incur costs of $100 million. If it fails to find gas, then it loses the money; if it finds gas then it wants to develop the gas and sell it. With both companies discovering gas, the government is unable to buy all of this gas. One of the companies may find itself delayed in developing the field. Both companies can figure this out and conclude that with the "no gas export" policy, it is not worthwhile to pursue exploration in an aggressive manner.

Is this a realistic description of what happens? Yes! The Bibiyana field was discovered but many years went by before it could be developed. Unocal's effort to export part of the field was denied; after that exploration efforts fell sharply. It is one thing to take the risk of failing to find the gas and it is another thing to not be allowed to sell gas that has been discovered.

It is easy then to understand the origin of the present gas shortage. The prohibition on exporting gas meant that there is a shortfall in new discoveries. The oil companies have minimum interest in Bangladesh, and Bapex does not have the financial resources to go forward.

However, it is important to determine the price paid to the holders of PSCs. The current price levels are too low; wholesale prices of natural gas in various world markets are in the range of $3.50-5.00 per thousand cubic feet and rising. In contrast, average prices under the PSC arrangements are $1.25-1.50. Petrobangla will have to allow these average prices to rise significantly, say to $2.50 (his means that the price is about $5.00).

The same policy dilemmas arise in establishing coal policy. There is much discussion of a ban on exports or a limit of exports to what is used domestically. There are several points related to these issues:

* If exports are not allowed then the rate of extraction of coal would be much lower; for an open pit mine the overburden that has to be removed is more or less independent of the rate of extraction. This means that a heavy initial investment is made regardless of the production level; developing the mine at 3 million metric tons per year rather than the 15 million would make the cost of coal about $20 higher for each metric ton. It would be cheaper for Bangladesh to import coal than pay so much.

* There is a large amount of coal in the Phulbari deposit that is suitable for coking and it would be silly to use this coal for power plants as its export price is much higher than for thermal coal.

* It takes time to develop the domestic uses, but with aggressive development during the next decade of coal fired power plants most of the coal can be used domestically. At first most of the coal would be exported, but gradually domestic demands would increase.

* The price of coal would be linked to the world price -- unlike natural gas there is an international market for coal providing reference prices. If there are low prices enforced on the domestic coal industry, the private sector will have difficulties in developing the resource. If the development is left to the government one should expect little to be achieved over the next few years. At current world prices, coal is cheaper for Bangladesh to use as a fuel than natural gas.

To manage the energy fuels achieving the necessary exploration, development, financing to supply the nation needed energy, two policies must be followed: exports allowed if the domestic energy companies do not want to purchase; and prices should follow international markets. Otherwise, the nation will face continuing energy shortages with consequent slower economic growth. Fear of exporting gas and coal is contributing to the slow growth of the economy.

http://www.thedailystar.net/story.php?nid=10534

The above two major works Coal policy &commencement of coal exploration and PSC third round must be finalized within 2007 by CTG for our mid and long term energy security.



More aggressive load management, vigorous monitoring of power generation and implementation of new contingency power projects are the requirements for managing the immediate energy needs. The fertilizer, diesel supply to farming regions must be vigorously monitored if necessary with help of army to ensure best possible utilization. We will have crisis .But we must not panic. We must tell the truth to be public. It has already become extremely difficult for the limited income section of the citizen to survive. Further rise in prices of essentials may create famine situation. The painstaking Bangladeshis are not finding light at the end of the tunnel.


http://www.energybangla.com/article_det.asp?aId=806

3 new power plants to generate 1350 MW
Staff Reporter

In his address, President Dhaka Chamber of Commerce and Industries (DCCI) Hossain Khalid advised the government authority to finalize National Coal Policy as early as possible.

"Finalisation of Coal Policy for effective extraction and utilization of domestic coal is vital. Our coal reserves, about 14,000million tons, equivalent to 37 TCF gas, could be vital for power generation," the President of DCCI stated. Moreover, he proposed to establish more coal fired power plants with involvement of local and foreign investments.

The Dhaka Chambers of Commerce and Industries (DCCI) and the Daily Star organised the RTD, which was presided over by the Editor of the Daily Star Mahfuz Anam.

On the occasion, Editor of the Daily Star Mahfuz Anam, Chairman Power Development Board Muhammad K Hyat Khan, Director Petrobangla Muhammad Muktadir Ali, Director Summit Power Touhidul Islam, Power Manager of Meghna Power Limited Reazul Haq presented keynote papers.


http://nation.ittefaq.com/issues/2007/11/12/news0823.htm

Published On: 2007-11-11
Front Page
The Daily Star Roundtable
Govt now plans power for 60pc population by 2010
Inaction on developing new plants in last few years lamented
Staff Correspondent

As of today, the production of electricity is heavily dependent on gas. The power sector consumes 40 percent of the gas extracted in the country. "The planning of future power plants should not depend on gas only. Or else, we will cause a gas shortage for other sectors," warned Muktadir Ali, director of Petrobangla.

The other sectors that rely on gas are fertilizer manufacturers (18 percent), industry (14 percent), companies producing captive power (12 percent), domestic usage (12 percent), production of compressed natural gas (CNG) for vehicles (2.5 percent) and tea estates and commercial consumers, the Petrobangla director said adding that the gas supply shortfall will begin from 2014 unless new discoveries are made.

Noting that the country has 3,000 million tons of coal, Muktadir said, "We should not depend on gas only. As an alternative, we should rely on coal."

Tawhidul Islam of Summit Power noted that huge investment is required every year to set up new power generation plants and distribution systems to deliver power to all. "Each year, we need to invest Tk 1600 crore alone in transmission and distribution."

Meghnaghat Globeleq Power plant manager Reazuddin Ahmed also put emphasis on diversifying the basic energy resources and use of coal. Since the installation of large power plants requires at least three years, the authorities now may start developing the plant sites to reduce the project implementation time.

Nazrul Islam, chief of financing agency IIFC was critical of the role of PDB as the "single buyer" of all power. He said allowing multiple buyers would ensure that the tendering processes are not slow or inefficient.

A representative from Centre for Policy Dialogue pointed out that last year, the country lost about 2 percent of its GDP due to power supply shortfall.

Associate Professor Syed Munir Khasru of Institute of Business Administration, University of Dhaka, pointed out that there is a lack of confidence among the bidders about transparency of power tenders. This has to be restored by punishing the corrupt quarters that had foiled past power tenders.

Asaduzzaman Khan of Bangladesh Institute of Development Studies (BIDS) said, "Coal must be tapped. Leaving coal underground is equivalent to not having any coal. If mining coal using open pit method is environmentally damaging, then let us take the appropriate measures and then tap the resource.


http://www.thedailystar.net/story.php?nid=11109

Global Coal Management PLC
16 November 2007




Global Coal Management Plc (the 'Company')

Annual Report & Accounts for the year ended 30 June 2007


The Company has posted accounts for the year ended 30 June 2006 to shareholders.
Copies of the accounts will be available until 14 December 2007 at the
registered offices of the Company, Level 2, Foxglove House, 166 - 168 Piccadilly
W1J 9EF or alternatively on the Company's website:
www.gcmplc.com

Coal

EB Report , published 15/11/2007

Page [ 1 ]



Kayes M Sohel

The government plans to set up imported coal-fired power plants in Chittagong and Mongla port areas to meet the fast growing demand for power across the country.

For the first time, the country is going to import coal from Australia and Indonesia to feed the two plants to generate electricity, according to sources in the power division.

Apart from the above mentioned power plants, a 50-megawatt (mw) hydropower power project will be installed at Kaptai Lake to ensure smooth power supply to the port city.

Letters have already been sent to the Bangladesh missions in Australia and Indonesia asking them to contact the authorities concerned of the two countries for estimating coal import and installation cost, power secretary Fouzul Kabir Khan told The Bangladesh Today on Tuesday.

The generation capacity of the proposed coal based plants will be determined after completion of feasible study to be conducted soon, he said adding the government is focusing on producing electricity using coal in the face of depletion of gas reserves expected by 2012.

The power secretary said, We could have imported coal from the neighboring country India , which might have been cost-effective but the quality is not upto the mark as the Indian coal contains sulphar that causes environmental pollution and affects equipment of the power plants.

So far, the country has discovered five coal-fields. Of them, coal extraction is being done only at Boropukuria in Dinajpur district. Based on which two coal-fired power plants with capacity of 250-mw have been set up at the Boropukuria coal mine site.

But non-extraction of sufficient coal from the Barapukuria coalmine has forced a 125-mw Barapukuria coal-fired power plant to stop generation.

The other coal fields include - Phulbari Coal field which was awarded to Asia Energy, Khalashpur Coal and Jamalganj coal field. It should be mentioned that Jamalganj coalfield is situated deep under the ground, thus failing to attract any interested companies to develop it.

Bangladesh has a coal reserves of about 2.5 billion tons in the five coal fields so far discovered, which is equivalent to 53 trillion cubic feet (tcf) of gas. This amount can sustain the countrys demand for about 50 years. On the other hand, the countrys total discovered gas reserves that can be mined is equal to 11 tcf.

Meanwhile, the power generation capacity is coming down to an alarming level due mainly to rundown power units and scanty supply of gas in the last six years, an official of Power Development Board (PDB) said.

Power production capacity has not increased in tandem with demand for electricity during the last six years, reflecting wide gap between demand and supply.

Sources in the power division said that currently, the poor gas and coal supply reduced electricity generation by at least 300 megawatt (MW).

The continuous fall in gas production from the country's lone offshore gas field - Sangu - is worsening the gas supply situation hampering power generation, power division sources said.



Coal is on the agenda:

'he said adding the government is focusing on producing electricity using coal in the face of depletion of gas reserves expected by 2012.'

November 23, 2007, Updated: Bangladesh Time 12:00 AM

Coal policy imperatives

GOVERNMENT is now engaged in framing a coal policy. The proposed policy which in draft form is available has kept the options open for foreign investment in the sector, export of coal and open pit mining.

Notably, a lobbying effort is on by foreign investors to win over Bangladeshi authorities to the ideas of coal export and open pit extraction. Some Bangladeshi newsmen, among others, were flown to Germany recently to demonstrate the success of open pit mining.

The open-pit method of coal extraction is preferred by businesses, specially by foreign investors, as that would enable maximum extraction of the coal to suit their commercial interests.

open pit mining may be efficient for the miners, but it's environmental effect is appalling

Its is indeed !

Bangladesh power sector is a mess gas running out fast, I see two options coal or nuclear the nuclear option is many years away for Bangladesh if ever so the only option is coal. The country doesn't have the money or know how to extract the coal. What they need to do is get on with foreign investment and open pit mining or the country will be in darkness for years. This whole coal policy is a drag get on with it

Indeed, here's hoping IMO 70/80P WELL WORTH THE RISK !!

Coal policy soon: finance adviser
Bangladesh Sangbad Sangstha . Dhaka
The adviser for finance and planning, AB Mirza M Azizul Islam, on Monday said the coal policy would be announced soon.
We should not remain poor keeping energy under the soil. So, the coal must be extracted, the adviser said while addressing a seminar on development of northern region: problems and solution at the National Press Club in the city.
Advisory editor of the Dainik Ittefaq Akhtar Ul Alam, chief adviser of ATN Bangla Saiful Bari, editor of the daily Naya Diganta Alamgir Mohiuddin and founder president of North Bengal Journalists Forum Mokarram Hossain addressed the seminar as special guests.
Former president of the Dhaka Reporters Unity Shafiqul Karim, NBJF senior vice-president Modabber Hossain, general secretary Mufdi Ahmed, presidents and general secretaries of some Press Clubs of the northern districts, among others, also spoke.
President of the NBJF MA Aziz, who presented a keynote paper on the subject, presided over the seminar.
The finance adviser said the regional disparity is a threat to the national unity and the government is aware of it. To remove the regional disparity, he said, the government formed a committee headed by the planning secretary. After getting recommendations, steps will be taken to remove the disparity, he added.
Azizul Islam also said the government has taken an initiative to make the Ruppur power plant functional besides tapping various natural resources in the northern region.
As the scope for higher education in the region is not enough, he said, more educational institutions should be established for creating opportunities for the higher and technical educations.
The adviser called upon entrepreneurs to invest in the export processing zones in the northern region to help ensure balanced development of the country.
The northern region is facing power and gas problems, Azizul Islam said, adding that infrastructure should be developed for rapid industrialisation in the region.

Of Interest :

http://www.commodityonline.com/news/topstory/newsdetails.php?id=3868

Indian coal demand fuels global price rise
Commodity Online
NEW DELHI: Indias energy ambitions are pushing global coal prices. Indias import of coal from South Africa is expected to go up big time in the coming days.

According to reports, South Africas Richards Bay Coal Terminal, the worlds biggest coal export facility, will be shipping huge quantity of coal to India this year, causing a price rice across the globe.

India has become the major importer now and the increased demand from India has lifted the prices in the international market.

Richards Bay Coal Terminal shipped 7.3 million tonnes to India in the first 10 months, compared with 300,000 tonnes for the whole of last year.

It may go up by another 2 million tonnes before the end of the year.

Benchmark prices for thermal coal, used in power plants, have reached a record in Australia, South Africa and Europe in the last three weeks.

According to Sushil Kumar Shinde, Union power minister, India will add 78,755 MW of capacity in the 11th Plan period ending in 2012.

According to experts, India is the market the world is looking at. Richards Bay, which has about 3.5 million tonnes of coal stockpiled at the moment, is owned by mining companies including BHP Billiton and Anglo American.

The jump in prices is encouraging European utilities to buy supplies from the US. The power producers are paying more for the shipping than for the coal.

Additional demand is also coming from Japan and South Korea.
More than a quarter of western Europes thermal coal is shipped from Richards Bay, which reported total shipments of 66.5 million tonnes last year. Exports through October this year were 53.8 million tonnes.