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GLOBAL COAL MANAGEMENT (GCM)
smiler o
- 21 Feb 2007 15:09
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/
"
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/
smiler o
- 30 May 2008 16:31
- 327 of 660
RNS Number : 6683V
GCM Resources PLC
30 May 2008
Form TR-1 with annex. FSA Version 2.1 updated April 2007
For filings with the FSA include the annex
For filings with issuer exclude the annex
TR-1: Notifications of Major Interests in Shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
GCM Resources PLC
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights
X
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):______________
3. Full name of person(s) subject to notification obligation:
Southpoint Capital Advisors LP
4. Full name of shareholder(s) (if different from 3):
Southpoint Master Fund LP
5. Date of transaction (and date on which the threshold is crossed or reached if different):
27 May 2008
6. Date on which issuer notified:
30 May 2008
7. Threshold(s) that is/are crossed or reached:
3%
GCM Resources PLC
30 May 2008
Form TR-1 with annex. FSA Version 2.1 updated April 2007
For filings with the FSA include the annex
For filings with issuer exclude the annex
TR-1: Notifications of Major Interests in Shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
GCM Resources PLC
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights
X
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):______________
3. Full name of person(s) subject to notification obligation:
Southpoint Capital Advisors LP
4. Full name of shareholder(s) (if different from 3):
Southpoint Master Fund LP
5. Date of transaction (and date on which the threshold is crossed or reached if different):
27 May 2008
6. Date on which issuer notified:
30 May 2008
7. Threshold(s) that is/are crossed or reached:
3%
smiler o
- 30 May 2008 18:17
- 328 of 660
Of Interest:
30 May 2008 06:16 PM London Time
Power Prices to Rise in Europe as Coal, Natural Gas Costs Surge
May 30 (Bloomberg) -- Electricity rates are set to rise in Europe, boosting utility sales and punishing consumers as prices fail to keep pace with the coal and natural gas used to fire power plants.
German prices for 2009 delivery will probably climb 10 percent by the end of this year to 82 euros ($127) per megawatt hour, according to UBS AG analyst Per Lekander. They advanced 12 percent last year.
As power increased, coal more than doubled in a year to $167 a ton from South Africa and natural gas in Britain almost tripled. Record energy costs led industrial customers including Wal-Mart Stores Inc., the world's biggest retailer, and Dutch airport operator Schiphol Group NV to plan to trade electricity directly on commodity exchanges to save money.
``European power is still cheap with current fuel prices,'' Daniel Dahlin, chief investment officer at hedge fund manager Electris Asset Management Ltd., said in an interview from Stockholm. ``The trend is pointing up.''
Oil futures more than doubled in a year to exceed $135 a barrel in New York, spurred by supply constraints and a weaker dollar and closed yesterday at $126.62 a barrel on the New York Mercantile Exchange. Coal jumped on Asian demand and a lack of ships.
German 2009 electricity advanced 20 percent this year to more than 75 euros a megawatt hour, according to broker GFI Group Inc. In addition to higher coal costs, emissions permits increased 18 percent in Europe, reducing profit from burning fossil fuels.
Margin Squeeze
The profit from running coal-fired plants including emissions costs, the so-called clean dark spread, plunged 66 percent this year to about 4 euros a megawatt hour, Bloomberg data show.
Sales from E.ON AG, Germany's biggest utility, are estimated by analysts to rise to almost 81 billion euros in 2009 from 69 billion last year, while revenue at Paris-based Electricite de France SA increases to almost 65 billion euros from about 60 billion in 2007, according to data compiled by Bloomberg.
A four-year rally drew banks and hedge funds to power markets where trading began in the 1990s. Volume in the seven biggest markets rose for a third year to a record in 2007, according to Prospex Research Ltd., a U.K.-based consultant that tracks trading.
Wal-Mart's Power4All Ltd. last month joined APX BV's U.K. exchange to buy power for its 356 Asda supermarkets. Trading may save 2 million pounds ($4 million) a year, Asda retail director Andy Clarke said.
Schiphol, Norsk Hydro
Amsterdam airport operator Schiphol will begin to trade on the European Energy Derivatives Exchange NV next year as supply agreements for 2009 and 2010 expire, spokeswoman Kathelijne Vermuelen said May 28 in an e-mail.
Rising bills are cutting earnings at Norsk Hydro ASA, the world's fourth biggest aluminum producer. Paper and chemicals makers are also being hurt, competing with companies that have access to cheaper electricity, said Daniel Cloquet, director of industrial affairs at the Confederation of European Business in Brussels. Power accounts for about 30 percent of Norsk Hydro's costs.
Higher electricity isn't exclusive to Europe. Power prices in the U.S., the world's biggest energy market, will likely rise as declining margins mean generators aren't adding enough supply to meet demand, said Michael Zenker, a Barclays Capital Inc. commodity analyst.
``They are not seeing any signs of urgency to add capacity regardless of whether it's needed in the market,'' he said from New York.
Power producers in the Midwest at gas-fired plants are losing money, Bloomberg data show. Prices need to be above $30 a megawatt hour to encourage new building, assuming the unit runs for 16 hours a day, Zenker said.
Record Prices
Floods and congestion at ports curtailed coal shipments from Australia, the world's biggest exporter. Delivery to Amsterdam, Rotterdam, and Antwerp for the next four years will stay above $154 a ton, futures contracts from ICAP Plc show.
``The rise in coal prices is probably here to stay,'' Dahlin of Electris said.
Coal fuels 40 percent of the world's electricity, according to the World Coal Institute.
A repeat of heatwaves in 2006, which forced producers to curb supplies in the summer, could push German next-year power to 80 euros by July, Chad Tschudi, portfolio manager at Prague-based utility CEZ AS, said in a May 22 interview.
Temperatures during June through August are likely to be above average for much of Europe, according to the U.K.'s Met Office.
For electricity, ``the buying interest, the appetite, is just ferocious,'' Tschudi said.
Source Bloomberg
30 May 2008 06:16 PM London Time
Power Prices to Rise in Europe as Coal, Natural Gas Costs Surge
May 30 (Bloomberg) -- Electricity rates are set to rise in Europe, boosting utility sales and punishing consumers as prices fail to keep pace with the coal and natural gas used to fire power plants.
German prices for 2009 delivery will probably climb 10 percent by the end of this year to 82 euros ($127) per megawatt hour, according to UBS AG analyst Per Lekander. They advanced 12 percent last year.
As power increased, coal more than doubled in a year to $167 a ton from South Africa and natural gas in Britain almost tripled. Record energy costs led industrial customers including Wal-Mart Stores Inc., the world's biggest retailer, and Dutch airport operator Schiphol Group NV to plan to trade electricity directly on commodity exchanges to save money.
``European power is still cheap with current fuel prices,'' Daniel Dahlin, chief investment officer at hedge fund manager Electris Asset Management Ltd., said in an interview from Stockholm. ``The trend is pointing up.''
Oil futures more than doubled in a year to exceed $135 a barrel in New York, spurred by supply constraints and a weaker dollar and closed yesterday at $126.62 a barrel on the New York Mercantile Exchange. Coal jumped on Asian demand and a lack of ships.
German 2009 electricity advanced 20 percent this year to more than 75 euros a megawatt hour, according to broker GFI Group Inc. In addition to higher coal costs, emissions permits increased 18 percent in Europe, reducing profit from burning fossil fuels.
Margin Squeeze
The profit from running coal-fired plants including emissions costs, the so-called clean dark spread, plunged 66 percent this year to about 4 euros a megawatt hour, Bloomberg data show.
Sales from E.ON AG, Germany's biggest utility, are estimated by analysts to rise to almost 81 billion euros in 2009 from 69 billion last year, while revenue at Paris-based Electricite de France SA increases to almost 65 billion euros from about 60 billion in 2007, according to data compiled by Bloomberg.
A four-year rally drew banks and hedge funds to power markets where trading began in the 1990s. Volume in the seven biggest markets rose for a third year to a record in 2007, according to Prospex Research Ltd., a U.K.-based consultant that tracks trading.
Wal-Mart's Power4All Ltd. last month joined APX BV's U.K. exchange to buy power for its 356 Asda supermarkets. Trading may save 2 million pounds ($4 million) a year, Asda retail director Andy Clarke said.
Schiphol, Norsk Hydro
Amsterdam airport operator Schiphol will begin to trade on the European Energy Derivatives Exchange NV next year as supply agreements for 2009 and 2010 expire, spokeswoman Kathelijne Vermuelen said May 28 in an e-mail.
Rising bills are cutting earnings at Norsk Hydro ASA, the world's fourth biggest aluminum producer. Paper and chemicals makers are also being hurt, competing with companies that have access to cheaper electricity, said Daniel Cloquet, director of industrial affairs at the Confederation of European Business in Brussels. Power accounts for about 30 percent of Norsk Hydro's costs.
Higher electricity isn't exclusive to Europe. Power prices in the U.S., the world's biggest energy market, will likely rise as declining margins mean generators aren't adding enough supply to meet demand, said Michael Zenker, a Barclays Capital Inc. commodity analyst.
``They are not seeing any signs of urgency to add capacity regardless of whether it's needed in the market,'' he said from New York.
Power producers in the Midwest at gas-fired plants are losing money, Bloomberg data show. Prices need to be above $30 a megawatt hour to encourage new building, assuming the unit runs for 16 hours a day, Zenker said.
Record Prices
Floods and congestion at ports curtailed coal shipments from Australia, the world's biggest exporter. Delivery to Amsterdam, Rotterdam, and Antwerp for the next four years will stay above $154 a ton, futures contracts from ICAP Plc show.
``The rise in coal prices is probably here to stay,'' Dahlin of Electris said.
Coal fuels 40 percent of the world's electricity, according to the World Coal Institute.
A repeat of heatwaves in 2006, which forced producers to curb supplies in the summer, could push German next-year power to 80 euros by July, Chad Tschudi, portfolio manager at Prague-based utility CEZ AS, said in a May 22 interview.
Temperatures during June through August are likely to be above average for much of Europe, according to the U.K.'s Met Office.
For electricity, ``the buying interest, the appetite, is just ferocious,'' Tschudi said.
Source Bloomberg
smiler o
- 31 May 2008 17:39
- 329 of 660
Coal reserve enough to meet energy needs
Staff Reporter
Special Assistant to the Chief Adviser Prof M Tamim yesterday said the national coal policy has almost been finalised with a view to meeting energy shortage through development of the coal sector.
The draft coal policy would be sent to the Council of Advisers for its approval soon, he said.
Prof M Tamim was addressing a workshop on "Energy Security and Development: Perspective Bangladesh " in the city.
Bangladesh Institute of Law and International Affairs (BILLIA) and Bangladesh Heritage Foundation jointly organised the workshop at BILIA's seminar room. Prof Tamim said the Power, Energy and Mineral Resource Ministry has already finalised the coal polity, which was submitted by the committee for draft coal policy. The Coal Policy will be sent to the Law Ministry within 7- 10 days, he added.
He said our coal resources have to be developed to meet up the energy demand in the country.
He said there has to be a national consensus on the coal policy on the basis of experts' opinions and all should keep confidence in their opinions.
Dr Tamim said the country's existing coal reserve is enough to generate electricity to meet its growing demand.
Mentioning that 81 percent of the electricity is being produced with gas, he said the use of gas has to be reduced for the sake of energy security.
Dr Tamim said areas will have to be identified to give priority for gas use, "and only fertiliser factories, industries and CNG stations should get the priority".
"We are developing a policy paper to set up power plant jointly by public and private bodies, which in the government will have 51 per cent equity share," he informed.
He also said Petro Bangla now has huge foreign currency shortage and might fail to pay the International Oil Company's (IOC) bill of May 08 due to financial crisis.
After 10 years the Petro Bangla would face acute financial crisis due to providing high subsidy in gas supply.
Prof Izaj Hossain, Bangladesh University of Engineering and Technology and BD Rahmatullah, Director, Rural Electricity Board (REB) presented two separate keynote papers at the workshop chaired by Wali-ur Rahmand, Director, BILLIA and Chairman, Bangladesh Heritage Foundation.
Maj Gen Aminul Karim (ndc), Military Secretary to the President and Lt Col Moin Uddin, Instructor, Class-A, Engineering Department, Military Institute of Science and Technology (MIST), among others, addressed the function.
Prof Izaj said that the 81 per cent of coal is being extracted by the open-pit-mining system in India. Fulbari Coal Mine should be excavated by the open-pit-mining system, as only 20 to 30 per cent coal could be extracted by the closed-pit-mining system, he added.
Speakers at the workshop stressed on setting up of regional power grid sharing with neighbouring countries to face the power crisis of the country.
They said we should initiate negotiations with India-Bhutan and Nepal in order to achieve power security in Bangladesh.
Staff Reporter
Special Assistant to the Chief Adviser Prof M Tamim yesterday said the national coal policy has almost been finalised with a view to meeting energy shortage through development of the coal sector.
The draft coal policy would be sent to the Council of Advisers for its approval soon, he said.
Prof M Tamim was addressing a workshop on "Energy Security and Development: Perspective Bangladesh " in the city.
Bangladesh Institute of Law and International Affairs (BILLIA) and Bangladesh Heritage Foundation jointly organised the workshop at BILIA's seminar room. Prof Tamim said the Power, Energy and Mineral Resource Ministry has already finalised the coal polity, which was submitted by the committee for draft coal policy. The Coal Policy will be sent to the Law Ministry within 7- 10 days, he added.
He said our coal resources have to be developed to meet up the energy demand in the country.
He said there has to be a national consensus on the coal policy on the basis of experts' opinions and all should keep confidence in their opinions.
Dr Tamim said the country's existing coal reserve is enough to generate electricity to meet its growing demand.
Mentioning that 81 percent of the electricity is being produced with gas, he said the use of gas has to be reduced for the sake of energy security.
Dr Tamim said areas will have to be identified to give priority for gas use, "and only fertiliser factories, industries and CNG stations should get the priority".
"We are developing a policy paper to set up power plant jointly by public and private bodies, which in the government will have 51 per cent equity share," he informed.
He also said Petro Bangla now has huge foreign currency shortage and might fail to pay the International Oil Company's (IOC) bill of May 08 due to financial crisis.
After 10 years the Petro Bangla would face acute financial crisis due to providing high subsidy in gas supply.
Prof Izaj Hossain, Bangladesh University of Engineering and Technology and BD Rahmatullah, Director, Rural Electricity Board (REB) presented two separate keynote papers at the workshop chaired by Wali-ur Rahmand, Director, BILLIA and Chairman, Bangladesh Heritage Foundation.
Maj Gen Aminul Karim (ndc), Military Secretary to the President and Lt Col Moin Uddin, Instructor, Class-A, Engineering Department, Military Institute of Science and Technology (MIST), among others, addressed the function.
Prof Izaj said that the 81 per cent of coal is being extracted by the open-pit-mining system in India. Fulbari Coal Mine should be excavated by the open-pit-mining system, as only 20 to 30 per cent coal could be extracted by the closed-pit-mining system, he added.
Speakers at the workshop stressed on setting up of regional power grid sharing with neighbouring countries to face the power crisis of the country.
They said we should initiate negotiations with India-Bhutan and Nepal in order to achieve power security in Bangladesh.
smiler o
- 01 Jun 2008 17:52
- 330 of 660
Prof. Ajoy Ghose is a Mining Industry Consultant and Editor, Journal of Mines, Metal and Fuels, Indian Journal of Power and River Valley Development. This international expert recently came to Bangladesh to carry out a study for UNDP on Sustainable Energy Development of Bangladesh and the Role of Coal as an Alternative Energy Resource. He spoke to PROBE in an exclusive interview about the coal deposits at the Phulbari, the extraction process, prospects and more
Interviewed by ANWAR PARVEZ HALIM
You have come to carry out a study for UNDP on Bangladeshs energy resources. Can you tell our readers something about this?
I have been asked by UNDP to carry out a study here in Bangladesh. My study is on Sustainable Energy Development of Bangladesh and the Role of Coal as an Alternative Energy Resource. This entails a study on the energy situation of the country, what coal resources it has, how to mine and exploit these resources and so on.
What has your study on the Phulbari coal mine revealed? Could you tell us about the quantity and quality of coal there as well as other related factors?
I would say that the coal deposit at Phulbari is the jewel in the crown as far as Bangladeshs resource inventory is concerned. It has about 570 million tonnes of high volatile bituminous coal of very high quality. It also has some semi-soft cooking coal. It hasnt been possible to accurately evaluate this at present, but we can say with certainty that this is a huge deposit. In fact, Phulbari will easily be able to produce 15 million tonnes of coal every year.
Is there presence of any other valuable mineral in this mine?
I cant really accurately say anything about this. There is silica sand and China clay in the top layer of coal at the Phulbari mine. These are much costlier than coal. Then again there is pure drinking water, most critical resource in todays world.
What would be the most profitable manner for Bangladesh to extract this coal and do you think we have the technical capability and know-how to do so?
Bangladesh has more than enough expertise in geology and mining. But coal extraction calls for massive investment. It will not be possible for you all to make such a huge investment in a project like Phulbari. This will call for foreign investment. It will not be possible without a foreign company.
How profitable will that be?
All developing countries are growing through direct foreign investment. In India we are inviting direct foreign investment. Foreign companies are investing and our economy is benefitting. Bangladesh should do the same.
It is being said that the coal at Phulbari will be extracted through the open mine pit method. The local people are apprehensive of huge environmental damage and are in a movement against this. What would you suggest as being the best method of mining here?
This is a very sensitive matter. The civil society is always looking for an issue to jump at and launch a movement to obstruct such development work. It may be to satisfy their own egos or may be in the interests of the country. There really is no debate here. Technical considerations, geo-mining conditions and economics these three factors are taken into consideration to decide whether the open mine pit method or the underground pit method is more profitable. Normally if there is shallow deposit, the open mine pit method is used. For deep deposits, the underground mining method is better.
The problem with the Phulbari is that the upper level of coal has a water-filled sand layer. So that water has to be extracted at first. Mining is not possible with water there. And underground mining would cause flooding. That was how the accident occurred at the Barapukuria mine. Not even 10% of the reserves at Barapukuria will be recovered. This was because of underground mining.
So through my study I feel that underground mining at Phulbari would be very difficult. The open mine method has to be followed. A depth of 330 metres can easily be reached and for the next 30 years a total of 15 million tones of coal can be extracted.
What is your observation about the interest of Indian company Tata in Phulbari?
Tata is certainly a sound company. I do not know exactly what they want to do here. They have coal mines, they have a steel industry. They are searching for coal mines all over the world. They are taking up a coal mine in Indonesia. They want to come to Phulbari too, but I dont know too much about this.
Coal is gaining importance as an alternative source of energy
Coal is definitely gaining in importance. There hardly is any alternative to coal. You have so much coal, but if you delay in extracting it simply because of some debate created by the civil society, this will not bode well for the country. It takes at least six years to produce an underground mine whereas it will take three years for an open pit mine. The longer it takes to take a decision, the longer it will take to go into production.
That is the opinion of an expert. What about the commercial aspect. For example, if Asia Energy comes in, how should we negotiate a good bargain?
My study doesnt have anything to do with Asia Energy. I dont know anything about that. However, the matter is very simple. The government has to negotiate with them about how much they will get if they come. One has to negotiate skillfully. It is a matter of calculation. One must have a far-reaching vision. If other developing countries can do this, why cant Bangladesh?
For how long can we use the coal from Phulbari?
If further drilling is carried out in northwest Bangladesh, more deposits will be discovered. Bangladesh then will be able to extract coal for the next 100 years. India extracts 450 million tonnes of coal every year. Annual extraction from Phulbari will be 15 million tonnes. And in these 100 years, technology will go far ahead; perhaps everything will be nuclear by then.
The people living in the mine area are scared and apprehensive. How will they be rehabilitated?
Those who carry out the mining must deal with this extremely sensitively. Proper compensation must be given to those who lose their land. This is a critical issue the world over. In Uday Singur of West Bengal, no one is willing to give up their land. They are fighting over this. But if the displaced persons are given homes, villages and towns, if they are compensated handsomely for their land, then I dont think there will be any problem.
How about employment for the local people at the mine?
There wont be too much employment because large open pits call for more mechanized work. I dont think the Phulbari mine will require more than 1200 to 1400 hundred people, that too at the lower level. There will only be a handful of people at the technical level.
You are carrying out the study for UNDP. Why is UNDP so interested in this?
UNDP is concerned about energy in Bangladesh. This is also a part of the Millennium Development Goal. UNDP wants to know what alternative sources of energy Bangladesh has so that Bangladesh can meet its energy needs in future. The country will break out into violence if there is no energy. We cant survive without energy. Electricity is our right.
You must have discussed with Tata and Asia Energy for the study, yet you seem to have avoided discussing this. Can you tell us where they stand at present?
Tata is developing industries very aggressively. It is buying steel plants abroad. It has bought up the Jaguar automobile company. They are going all around the world, either jointly setting up industries or doing so alone. They are looking for coal mines and other mines the world over.
I have spoken to Asia Energy. I have to draw up a report in 10 to 12 days and so I went to their office to collect some information. I found their project report to be of a high standard. They have used very good consultants. After all, they are going to invest huge amounts, so they need a sustainable plan.
When do you think Asia Energy will be able to start work?
I really dont know, but they only do so when the government gives its approval. The government has given environmental clearance to Asia Energy. They submitted their project report to the government about two years ago. So it all depends on when the government takes its decision.
Interviewed by ANWAR PARVEZ HALIM
You have come to carry out a study for UNDP on Bangladeshs energy resources. Can you tell our readers something about this?
I have been asked by UNDP to carry out a study here in Bangladesh. My study is on Sustainable Energy Development of Bangladesh and the Role of Coal as an Alternative Energy Resource. This entails a study on the energy situation of the country, what coal resources it has, how to mine and exploit these resources and so on.
What has your study on the Phulbari coal mine revealed? Could you tell us about the quantity and quality of coal there as well as other related factors?
I would say that the coal deposit at Phulbari is the jewel in the crown as far as Bangladeshs resource inventory is concerned. It has about 570 million tonnes of high volatile bituminous coal of very high quality. It also has some semi-soft cooking coal. It hasnt been possible to accurately evaluate this at present, but we can say with certainty that this is a huge deposit. In fact, Phulbari will easily be able to produce 15 million tonnes of coal every year.
Is there presence of any other valuable mineral in this mine?
I cant really accurately say anything about this. There is silica sand and China clay in the top layer of coal at the Phulbari mine. These are much costlier than coal. Then again there is pure drinking water, most critical resource in todays world.
What would be the most profitable manner for Bangladesh to extract this coal and do you think we have the technical capability and know-how to do so?
Bangladesh has more than enough expertise in geology and mining. But coal extraction calls for massive investment. It will not be possible for you all to make such a huge investment in a project like Phulbari. This will call for foreign investment. It will not be possible without a foreign company.
How profitable will that be?
All developing countries are growing through direct foreign investment. In India we are inviting direct foreign investment. Foreign companies are investing and our economy is benefitting. Bangladesh should do the same.
It is being said that the coal at Phulbari will be extracted through the open mine pit method. The local people are apprehensive of huge environmental damage and are in a movement against this. What would you suggest as being the best method of mining here?
This is a very sensitive matter. The civil society is always looking for an issue to jump at and launch a movement to obstruct such development work. It may be to satisfy their own egos or may be in the interests of the country. There really is no debate here. Technical considerations, geo-mining conditions and economics these three factors are taken into consideration to decide whether the open mine pit method or the underground pit method is more profitable. Normally if there is shallow deposit, the open mine pit method is used. For deep deposits, the underground mining method is better.
The problem with the Phulbari is that the upper level of coal has a water-filled sand layer. So that water has to be extracted at first. Mining is not possible with water there. And underground mining would cause flooding. That was how the accident occurred at the Barapukuria mine. Not even 10% of the reserves at Barapukuria will be recovered. This was because of underground mining.
So through my study I feel that underground mining at Phulbari would be very difficult. The open mine method has to be followed. A depth of 330 metres can easily be reached and for the next 30 years a total of 15 million tones of coal can be extracted.
What is your observation about the interest of Indian company Tata in Phulbari?
Tata is certainly a sound company. I do not know exactly what they want to do here. They have coal mines, they have a steel industry. They are searching for coal mines all over the world. They are taking up a coal mine in Indonesia. They want to come to Phulbari too, but I dont know too much about this.
Coal is gaining importance as an alternative source of energy
Coal is definitely gaining in importance. There hardly is any alternative to coal. You have so much coal, but if you delay in extracting it simply because of some debate created by the civil society, this will not bode well for the country. It takes at least six years to produce an underground mine whereas it will take three years for an open pit mine. The longer it takes to take a decision, the longer it will take to go into production.
That is the opinion of an expert. What about the commercial aspect. For example, if Asia Energy comes in, how should we negotiate a good bargain?
My study doesnt have anything to do with Asia Energy. I dont know anything about that. However, the matter is very simple. The government has to negotiate with them about how much they will get if they come. One has to negotiate skillfully. It is a matter of calculation. One must have a far-reaching vision. If other developing countries can do this, why cant Bangladesh?
For how long can we use the coal from Phulbari?
If further drilling is carried out in northwest Bangladesh, more deposits will be discovered. Bangladesh then will be able to extract coal for the next 100 years. India extracts 450 million tonnes of coal every year. Annual extraction from Phulbari will be 15 million tonnes. And in these 100 years, technology will go far ahead; perhaps everything will be nuclear by then.
The people living in the mine area are scared and apprehensive. How will they be rehabilitated?
Those who carry out the mining must deal with this extremely sensitively. Proper compensation must be given to those who lose their land. This is a critical issue the world over. In Uday Singur of West Bengal, no one is willing to give up their land. They are fighting over this. But if the displaced persons are given homes, villages and towns, if they are compensated handsomely for their land, then I dont think there will be any problem.
How about employment for the local people at the mine?
There wont be too much employment because large open pits call for more mechanized work. I dont think the Phulbari mine will require more than 1200 to 1400 hundred people, that too at the lower level. There will only be a handful of people at the technical level.
You are carrying out the study for UNDP. Why is UNDP so interested in this?
UNDP is concerned about energy in Bangladesh. This is also a part of the Millennium Development Goal. UNDP wants to know what alternative sources of energy Bangladesh has so that Bangladesh can meet its energy needs in future. The country will break out into violence if there is no energy. We cant survive without energy. Electricity is our right.
You must have discussed with Tata and Asia Energy for the study, yet you seem to have avoided discussing this. Can you tell us where they stand at present?
Tata is developing industries very aggressively. It is buying steel plants abroad. It has bought up the Jaguar automobile company. They are going all around the world, either jointly setting up industries or doing so alone. They are looking for coal mines and other mines the world over.
I have spoken to Asia Energy. I have to draw up a report in 10 to 12 days and so I went to their office to collect some information. I found their project report to be of a high standard. They have used very good consultants. After all, they are going to invest huge amounts, so they need a sustainable plan.
When do you think Asia Energy will be able to start work?
I really dont know, but they only do so when the government gives its approval. The government has given environmental clearance to Asia Energy. They submitted their project report to the government about two years ago. So it all depends on when the government takes its decision.
smiler o
- 01 Jun 2008 18:06
- 331 of 660
ajcc whats your thoughts on this lot ?
smiler o
- 03 Jun 2008 07:29
- 332 of 660
Coal policy review almost complete: Tamim
The power, energy and mineral resources ministry has almost completed a review of the draft coal policy, a special aide said Friday, reports bdnews24.com.
The draft policy is soon to be placed before a cabinet meeting for approval, said Prof M Tamim, the chief adviser's special assistant in charge of the ministry of power, energy and mineral resources.
Speaking as the chief guest at a seminar on 'Energy Security and Development: Perspective in Bangladesh' organised by Bangladesh Institute of Law and International Affairs and Bangladesh Heritage Founda-tion, Prof Tamim said the review of the draft policy submitted by a working committee to the ministry was almost complete.
'No big change has been made in it. Structural adjustment has been made, it will be sent to the law ministry within 10 days for vetting. It will then be presented before the advisory council for approval.'
'To meet the energy demand we'll have to improve coal resources. I ask all to leave it to the experts, have trust in them. Everything will be done on the basis of accountability and transparency. Mistrust has crept among us in the last three decades,' Tamim said.
'In the power sector, a policy for setting up power plants at government and private initiatives is also being prepared. The government will have 51 per cent ownership while the private entrepreneurs will have 49 per cent,' he added.
BUET professor Ijaj Hossain, who presented the keynote paper at the seminar, said: 'If we extract a fourth of our total coal reserves and use our gas reserves, 20,000 megawatts of power can be added to the national grid by 2030.'
'We should bring investment for setting up coal-based power plants. We can also import power directly. A 750 megawatt power plant is being set up in Tripura, from which power could be directly imported.'
Prof Ijaj said coal at the controversial Phulbari mine should be extracted through the open pit mining method. 'India is extracting coal through open pit mining in 80 mines.'
The speakers in the seminar stressed establishment of a REGIONAL power grid with neighbouring countries to face the power crisis.
The president's military secretary Major General M Aminul Karim, Petrobangla chairman Jalal Ahmed and instructor of the Military Institute of Science and Technology Colonel Moinuddin also spoke.
Director of the Rural Electrification Board BD Rahmatullah presented another paper at the seminar. Bangladesh Heritage Foundation chairman Waliur Rahman gave the address of welcome.
end
it can be reliably inferred from the following statement that the national coal policy will recommend that Phulbari be brought into operation and that open pit mining will be licenced at this site. Since no other company is licenced to operate at Phulbari (along with TATA) then one can safely assume that Asia Energy Ltd will be given the green light.
'Prof Ijaj said coal at the controversial Phulbari mine should be extracted through the open pit mining method. 'India is extracting coal through open pit mining in 80 mines.'
The power, energy and mineral resources ministry has almost completed a review of the draft coal policy, a special aide said Friday, reports bdnews24.com.
The draft policy is soon to be placed before a cabinet meeting for approval, said Prof M Tamim, the chief adviser's special assistant in charge of the ministry of power, energy and mineral resources.
Speaking as the chief guest at a seminar on 'Energy Security and Development: Perspective in Bangladesh' organised by Bangladesh Institute of Law and International Affairs and Bangladesh Heritage Founda-tion, Prof Tamim said the review of the draft policy submitted by a working committee to the ministry was almost complete.
'No big change has been made in it. Structural adjustment has been made, it will be sent to the law ministry within 10 days for vetting. It will then be presented before the advisory council for approval.'
'To meet the energy demand we'll have to improve coal resources. I ask all to leave it to the experts, have trust in them. Everything will be done on the basis of accountability and transparency. Mistrust has crept among us in the last three decades,' Tamim said.
'In the power sector, a policy for setting up power plants at government and private initiatives is also being prepared. The government will have 51 per cent ownership while the private entrepreneurs will have 49 per cent,' he added.
BUET professor Ijaj Hossain, who presented the keynote paper at the seminar, said: 'If we extract a fourth of our total coal reserves and use our gas reserves, 20,000 megawatts of power can be added to the national grid by 2030.'
'We should bring investment for setting up coal-based power plants. We can also import power directly. A 750 megawatt power plant is being set up in Tripura, from which power could be directly imported.'
Prof Ijaj said coal at the controversial Phulbari mine should be extracted through the open pit mining method. 'India is extracting coal through open pit mining in 80 mines.'
The speakers in the seminar stressed establishment of a REGIONAL power grid with neighbouring countries to face the power crisis.
The president's military secretary Major General M Aminul Karim, Petrobangla chairman Jalal Ahmed and instructor of the Military Institute of Science and Technology Colonel Moinuddin also spoke.
Director of the Rural Electrification Board BD Rahmatullah presented another paper at the seminar. Bangladesh Heritage Foundation chairman Waliur Rahman gave the address of welcome.
end
it can be reliably inferred from the following statement that the national coal policy will recommend that Phulbari be brought into operation and that open pit mining will be licenced at this site. Since no other company is licenced to operate at Phulbari (along with TATA) then one can safely assume that Asia Energy Ltd will be given the green light.
'Prof Ijaj said coal at the controversial Phulbari mine should be extracted through the open pit mining method. 'India is extracting coal through open pit mining in 80 mines.'
smiler o
- 03 Jun 2008 14:19
- 333 of 660
Tuesday, June 3, 2008 07:17 PM GMT+06:00
Published On: 2008-06-01
Front Page
Use 2.5b tonne coal for energy security
Recommends UNDP-Bangladesh report
Sharier Khan
A UNDP-Bangladesh report recommends increasing the use of coal resources to avert a deep energy crisis that would affect economic growth in near future.
"The estimated resources of 2.5 billion tonnes of coal in Bangladesh are equivalent to 65 trillion cubic feet of gas which could assure energy security in the medium and long-term," says the report titled "Sustainable Energy Development in Bangladesh -- Coal as an alternative energy resource."
"More extensive exploration in northwest Bangladesh could augment the coal resource base significantly," it adds, urging the government to approve both the draft coal policy and investment for exploration of coal through geophysical surveys and 3-D modelling.
But the way forward with coal has to deal with both technical geological issues as well as resistance from the civil society, says the report prepared by Ajoy K Ghose and Chowdhury Quamruzzaman.
The nation has to overcome its inaction and the "not-in-my-backyard" attitude regarding coal, it observes.
"With access to world best practices in environmental technology for reducing ecological footprint and supported by political will, the road blocks should not be insurmountable and coal could provide the much-needed energy security for the nation," says the report finalised last month.
"Where coal cannot be physically extracted, recovery of coal bed methane and underground coal gasification deserve to be considered as energy options," the report recommends.
The report briefly reviews the five coal deposits of Jamalganj, Barapukuria, Phulbari, Dighipara and Khalaspir and observes that in all cases, there are some common issues -- high population density,
rich agricultural land, pristine environment and a near-moribund economy.
It notes that Bangladesh's population is set to grow to 180 million in 2025. The nation needs to sustain a 7.8 percent economic growth to eradicate poverty and meet the economic and human development goals. The energy challenge is thus fundamental.
The nation has a per capita electricity consumption of about 167 kWh per year, probably one of the lowest in the world. The inventory of energy resources is not substantial and natural gas resources are fast depleting in absence of any new major discoveries in recent past.
The report recommends an agenda for actions for the government including giving a "go ahead" of the Phulbari project that has a proven reserve of 572 million tonnes coal.
"The government has to initiate steps for speedy acquisition of land [for Phulbari], launch advertisement advocacy for assuaging the sentiments of project affected people so that the development and execution of the project could be facilitated. Phulbari is the crown jewel in coal inventory of Bangladesh and its development would help transform the economy of the nation," it says.
On Barapukuria underground mine, it says, "Review and reconsideration of the mining strategy at Barapukuria coalmine where underground mining by multiple slice long wall from roof downward is destined to lead huge losses of coal reserves. The feasibility of changeover to open-cut mining also needs to be studied in depth."
Barapukuria has a reserve of 390 million tonnes, but its underground mining method will recover only 10 percent coal in 30 years.
The report suggests promoting development of coal deposits at Khalaspir and Dighipara, either in the private or joint sector.
"Appraisal of coal bed methane resources at Jamalganj needs to be conducted on priority basis. If CBM resources are not promising, a pilot plant trial/ demonstration of underground coal gasification at Jamalganj needs to be undertaken," it adds.
The report also suggests initiating a mining degree programme at Buet or Ruet to bridge the critical gap in manpower for coal development. Simultaneously, an industrial training institute should be set up to meet the need of supervisory manpower in coalmines.
Jamalganj coal deposit was discovered in 1962 at a depth ranging between 640 metres to 1,158 metres with a proven reserve of 1,053 million tonnes. Only 10 wells have been drilled for this deep coal zone.
Phulbari deposit discovered in 1997 has been thoroughly studied by Asia Energy through drilling 108 wells. It has 572 million tonnes coal at a depth of 150 metres to 240 metres.
Discovered in 1985, Barapukuria deposit has proven 303 million tonnes and proven and probable 390 million tonnes coal at depth ranging between 118 metres and 509 metres. Thirty-one wells were drilled in this zone for understanding the deposit. The mine started commercial operation two years ago -- eight years behind schedule.
Khalaspir zone was discovered in 1989, and its exploration licence was secretly awarded in 2003 by the past four-party alliance government to Moazzem Hossain of Hosaf Group who is now wanted in an anti-corruption case.
In total, 14 wells were drilled and coal was found at a depth of 257 to 483 metres. The proven reserve is 143 million tonnes, while the proven-probable reserve is 685 million tonnes.
Discovered in 1994, Dighipara zone has been awarded to Petrobangla for exploration. Only five wells were drilled and coal was found at a depth of 328-407 metres with a proven reserve of 150 million tonnes and a proven-probable reserve of 600 million tonnes.
Published On: 2008-06-01
Front Page
Use 2.5b tonne coal for energy security
Recommends UNDP-Bangladesh report
Sharier Khan
A UNDP-Bangladesh report recommends increasing the use of coal resources to avert a deep energy crisis that would affect economic growth in near future.
"The estimated resources of 2.5 billion tonnes of coal in Bangladesh are equivalent to 65 trillion cubic feet of gas which could assure energy security in the medium and long-term," says the report titled "Sustainable Energy Development in Bangladesh -- Coal as an alternative energy resource."
"More extensive exploration in northwest Bangladesh could augment the coal resource base significantly," it adds, urging the government to approve both the draft coal policy and investment for exploration of coal through geophysical surveys and 3-D modelling.
But the way forward with coal has to deal with both technical geological issues as well as resistance from the civil society, says the report prepared by Ajoy K Ghose and Chowdhury Quamruzzaman.
The nation has to overcome its inaction and the "not-in-my-backyard" attitude regarding coal, it observes.
"With access to world best practices in environmental technology for reducing ecological footprint and supported by political will, the road blocks should not be insurmountable and coal could provide the much-needed energy security for the nation," says the report finalised last month.
"Where coal cannot be physically extracted, recovery of coal bed methane and underground coal gasification deserve to be considered as energy options," the report recommends.
The report briefly reviews the five coal deposits of Jamalganj, Barapukuria, Phulbari, Dighipara and Khalaspir and observes that in all cases, there are some common issues -- high population density,
rich agricultural land, pristine environment and a near-moribund economy.
It notes that Bangladesh's population is set to grow to 180 million in 2025. The nation needs to sustain a 7.8 percent economic growth to eradicate poverty and meet the economic and human development goals. The energy challenge is thus fundamental.
The nation has a per capita electricity consumption of about 167 kWh per year, probably one of the lowest in the world. The inventory of energy resources is not substantial and natural gas resources are fast depleting in absence of any new major discoveries in recent past.
The report recommends an agenda for actions for the government including giving a "go ahead" of the Phulbari project that has a proven reserve of 572 million tonnes coal.
"The government has to initiate steps for speedy acquisition of land [for Phulbari], launch advertisement advocacy for assuaging the sentiments of project affected people so that the development and execution of the project could be facilitated. Phulbari is the crown jewel in coal inventory of Bangladesh and its development would help transform the economy of the nation," it says.
On Barapukuria underground mine, it says, "Review and reconsideration of the mining strategy at Barapukuria coalmine where underground mining by multiple slice long wall from roof downward is destined to lead huge losses of coal reserves. The feasibility of changeover to open-cut mining also needs to be studied in depth."
Barapukuria has a reserve of 390 million tonnes, but its underground mining method will recover only 10 percent coal in 30 years.
The report suggests promoting development of coal deposits at Khalaspir and Dighipara, either in the private or joint sector.
"Appraisal of coal bed methane resources at Jamalganj needs to be conducted on priority basis. If CBM resources are not promising, a pilot plant trial/ demonstration of underground coal gasification at Jamalganj needs to be undertaken," it adds.
The report also suggests initiating a mining degree programme at Buet or Ruet to bridge the critical gap in manpower for coal development. Simultaneously, an industrial training institute should be set up to meet the need of supervisory manpower in coalmines.
Jamalganj coal deposit was discovered in 1962 at a depth ranging between 640 metres to 1,158 metres with a proven reserve of 1,053 million tonnes. Only 10 wells have been drilled for this deep coal zone.
Phulbari deposit discovered in 1997 has been thoroughly studied by Asia Energy through drilling 108 wells. It has 572 million tonnes coal at a depth of 150 metres to 240 metres.
Discovered in 1985, Barapukuria deposit has proven 303 million tonnes and proven and probable 390 million tonnes coal at depth ranging between 118 metres and 509 metres. Thirty-one wells were drilled in this zone for understanding the deposit. The mine started commercial operation two years ago -- eight years behind schedule.
Khalaspir zone was discovered in 1989, and its exploration licence was secretly awarded in 2003 by the past four-party alliance government to Moazzem Hossain of Hosaf Group who is now wanted in an anti-corruption case.
In total, 14 wells were drilled and coal was found at a depth of 257 to 483 metres. The proven reserve is 143 million tonnes, while the proven-probable reserve is 685 million tonnes.
Discovered in 1994, Dighipara zone has been awarded to Petrobangla for exploration. Only five wells were drilled and coal was found at a depth of 328-407 metres with a proven reserve of 150 million tonnes and a proven-probable reserve of 600 million tonnes.
smiler o
- 03 Jun 2008 16:22
- 334 of 660
RNS Number : 8823V
GCM Resources PLC
03 June 2008
TR-1: notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
GCM Resources Plc
2. Reason for the notification (please tick the appropriate box or boxes)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation:
Morgan Stanley
(Institutional Securities Group and Global Wealth Management)
4. Full name of shareholder(s) (if different from 3.):
5. Date of the transaction (and date on which the threshold is crossed or reached if different):
30/05/08
6. Date on which issuer notified:
02/06/08
7. Threshold(s) that is/are crossed or reached:
3%
8. Notified details:
GCM Resources PLC
03 June 2008
TR-1: notification of major interests in shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
GCM Resources Plc
2. Reason for the notification (please tick the appropriate box or boxes)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation:
Morgan Stanley
(Institutional Securities Group and Global Wealth Management)
4. Full name of shareholder(s) (if different from 3.):
5. Date of the transaction (and date on which the threshold is crossed or reached if different):
30/05/08
6. Date on which issuer notified:
02/06/08
7. Threshold(s) that is/are crossed or reached:
3%
8. Notified details:
smiler o
- 03 Jun 2008 20:33
- 335 of 660
Darradev - 04 Jun 2008 08:12 - 336 of 660
Morning Smiler, seems there are a lot of background deals being muted here. Have had a good rise with this one so have taken my profit and am now 'out'.
Still interested, but am looking at other opportunities for now.
Keep Smiling.
Still interested, but am looking at other opportunities for now.
Keep Smiling.
smiler o
- 04 Jun 2008 10:33
- 337 of 660
I will be if they get the green light !! ;)
Two more institutional purchases announced TODAY:
Loews Corp bought 500k at 162.69p
Basso bought another 220,000 at 173.2p
Two more institutional purchases announced TODAY:
Loews Corp bought 500k at 162.69p
Basso bought another 220,000 at 173.2p
smiler o
- 04 Jun 2008 12:55
- 338 of 660
http://phulbarinews.wordpress.com/2008/06/
smiler o
- 05 Jun 2008 08:10
- 339 of 660
Published date:Thursday, June 5, 2008
The coal investor prepares itself for a shopping spree
by Dan Coatsworth
Coal investor Polo Resources has raised 80.6 million in a share placing to strengthen its finances for acquisitions and working capital.
Since listing on Aim in September 2007, Polo has acquired 12% of Australian producer Caledon Resources and three Mongolian companies owning 14 coal licences. Last month it proposed to buy GCM Resources subject to funding, having already acquired 29.72% of the share capital. At the suggested 175p-a-share level, Polo would need 60 million to complete the transaction, more than covered by the latest fund raising. A formal takeover offer was expected as Shares went to press.
Should the deal succeed, Polo plans to use the GCM name as its new group identity. GCM, formerly Asia Energy, has spent years trying to develop the Phulbari coal project in Bangladesh: severely opposed as an estimated 50,000 people would need re-housing. Polo would also inherit a 3.45% stake in near-term producer Coal of Africa. GCM originally paid 2.4 million for a 15% investment in December 2006, since diluted.
Other stories from : Prospector
www.sharecrazy.com
The coal investor prepares itself for a shopping spree
by Dan Coatsworth
Coal investor Polo Resources has raised 80.6 million in a share placing to strengthen its finances for acquisitions and working capital.
Since listing on Aim in September 2007, Polo has acquired 12% of Australian producer Caledon Resources and three Mongolian companies owning 14 coal licences. Last month it proposed to buy GCM Resources subject to funding, having already acquired 29.72% of the share capital. At the suggested 175p-a-share level, Polo would need 60 million to complete the transaction, more than covered by the latest fund raising. A formal takeover offer was expected as Shares went to press.
Should the deal succeed, Polo plans to use the GCM name as its new group identity. GCM, formerly Asia Energy, has spent years trying to develop the Phulbari coal project in Bangladesh: severely opposed as an estimated 50,000 people would need re-housing. Polo would also inherit a 3.45% stake in near-term producer Coal of Africa. GCM originally paid 2.4 million for a 15% investment in December 2006, since diluted.
Other stories from : Prospector
www.sharecrazy.com
smiler o
- 05 Jun 2008 08:23
- 340 of 660
Monday, June 2, 2008
Govt to adopt coal policy soon
BUSINESS REPORT
The government is expecting to finalise the long-awaited policy soon to extract the huge coal reserves to supplement fast depleting gas resources, a senior energy official said yesterday."To meet the energy demand we will have to use the coal resources," said M. Tamim, Chief Adviser's Special Assistant for Power, Energy and Mineral Resources."I ask all to leave it (issue of coal extraction) to the experts, have trust in them," he said, responding to critics who oppose any deal with foreign companies to run the coal fields."Everything will be done on the basis of accountability and transparency," Tamim told a seminar on "Energy security and Development."Bangladesh, with its 150 million population, faces a serious energy crisis, with lack of gas to produce electricity. The crisis is set to worsen by 2011 when its proven and recoverable gas reserves could run out.As a result, attention is increasingly turning to the country's vast coal resource."The draft of the coal policy is soon to be placed before a cabinet meeting for approval," Tamim said.The country now extract coal from just one of five fields with 2.55 billion tonnes, with technical assistance from a Chinese firm.Energy officials say Bangladesh should adopt the coal policy quickly, to allow foreign firms to work on two large coal fields in the country's north at an early date.The projects worth a total US$6 billion have been put forward by Indian conglomerate Tata Group and Asia Energy Corporation (Bangladesh), a sister firm of UK-based GCM Resources PLC.Both are pending as environment assessment and rights groups have continued to protest to force the government not to allow foreign investors in the coal sector.The government, however, says it would carefully consider all issues and concerns before handing them over to any investor and that the coal policy will have provisions to protect local interests.
Source : The New Nation
02/06/08
http://nation.ittefaq.com/issues/2008/06/02/news0263.htm
Govt to adopt coal policy soon
BUSINESS REPORT
The government is expecting to finalise the long-awaited policy soon to extract the huge coal reserves to supplement fast depleting gas resources, a senior energy official said yesterday."To meet the energy demand we will have to use the coal resources," said M. Tamim, Chief Adviser's Special Assistant for Power, Energy and Mineral Resources."I ask all to leave it (issue of coal extraction) to the experts, have trust in them," he said, responding to critics who oppose any deal with foreign companies to run the coal fields."Everything will be done on the basis of accountability and transparency," Tamim told a seminar on "Energy security and Development."Bangladesh, with its 150 million population, faces a serious energy crisis, with lack of gas to produce electricity. The crisis is set to worsen by 2011 when its proven and recoverable gas reserves could run out.As a result, attention is increasingly turning to the country's vast coal resource."The draft of the coal policy is soon to be placed before a cabinet meeting for approval," Tamim said.The country now extract coal from just one of five fields with 2.55 billion tonnes, with technical assistance from a Chinese firm.Energy officials say Bangladesh should adopt the coal policy quickly, to allow foreign firms to work on two large coal fields in the country's north at an early date.The projects worth a total US$6 billion have been put forward by Indian conglomerate Tata Group and Asia Energy Corporation (Bangladesh), a sister firm of UK-based GCM Resources PLC.Both are pending as environment assessment and rights groups have continued to protest to force the government not to allow foreign investors in the coal sector.The government, however, says it would carefully consider all issues and concerns before handing them over to any investor and that the coal policy will have provisions to protect local interests.
Source : The New Nation
02/06/08
http://nation.ittefaq.com/issues/2008/06/02/news0263.htm
smiler o
- 08 Jun 2008 10:21
- 341 of 660
Mahmudur Rahman and His Energy Vision
Khondkar Abdus Saleque
Saturday, 06.07.2008, 04:56pm (GMT)
In analyzing the self destructing role of some so called intellectuals who created anarchy in Phulbari Coal mine area. But he was the person in charge, why he failed to contain the situation? Why the situation was allowed to drift to a level when law enforcing agencies had to kill innocent locals. His role on relying on another section of theoretician was also not appropriate.Mahmood must also share responsibility for mismanaging and mishandling Phulbari mine development and formulation of coal policy. Bangladesh Government was due to respond to Asia Energy submitted mine development plan within the time frame included in the contract. Government failed to do it and it is a BREACH of contract on the part of the government. So Mahmood is also responsible for failing to diversify our energy option at the appropriate stage.
Khondkar Abdus Saleque
Saturday, 06.07.2008, 04:56pm (GMT)
In analyzing the self destructing role of some so called intellectuals who created anarchy in Phulbari Coal mine area. But he was the person in charge, why he failed to contain the situation? Why the situation was allowed to drift to a level when law enforcing agencies had to kill innocent locals. His role on relying on another section of theoretician was also not appropriate.Mahmood must also share responsibility for mismanaging and mishandling Phulbari mine development and formulation of coal policy. Bangladesh Government was due to respond to Asia Energy submitted mine development plan within the time frame included in the contract. Government failed to do it and it is a BREACH of contract on the part of the government. So Mahmood is also responsible for failing to diversify our energy option at the appropriate stage.
smiler o
- 09 Jun 2008 07:46
- 342 of 660
Coal boom boosts GCM
Edmond Jackson
06.06.08
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
In a New Year piece citing Five special situations for 2008, I noted the prospects at AIM-listed GCM Resources (GCM) at 98p - formerly called Global Coal Management
and also previously known as Asia Energy - which floated in March 2004. The company first changed name following orchestrated violence in August 2006 against its principal project, a start-up coal mine at Phulbari in northwest Bangladesh, and because of a change in strategy in which it took stakes in other coal and uranium ventures, as a means to diversify.
Recruiting Steve Bywater as chief executive, the company introduced a talented industry leader and also raised funds to proceed with Phulbari; hence while waiting for things to settle in Bangladesh it made sense to apply management and finance to other situations to enhance shareholder value. Astute investing and soaring coal prices have affirmed this portfolio approach that now limits downside risk in GCM shares, whatever happens in Bangladesh. You can learn more about the activities at gcmplc.com.
Higher coal prices and acute power shortages in Bangladesh have intensified speculation there, and on the London stockmarket, that Phulbari must be developed if Bangladesh is to address its energy crisis. Without radical action, power shortages and cuts can only get worse and severely compromise the country.
As if affirming the improved odds of progress with Phulbari (still speculative, it should be emphasised), earlier this year there was determined stake-building by AIM-listed Polo Resources (PRL), up to the 29.7% maximum ownership level in GCM before a bid must be made. Polo is another company capitalising on the fast-growing Asian market for coal. The price had then reached about 130p. Then, on 19 May, it was announced that Polo had approached GCM with a cash offer at 175p per share, conditional on raising funds. On 2 June, Polo affirmed that it had raised over 80 million via a share placing at 13p, which would cover the 60 million required to do the deal - assuming GCM shareholders accept. As I see it, they would be caving in irrationally; the company already has a quality spread of interests and calibre management that stands as good a chance as anyone of progressing the Phulbari project; moreover retaining GCM equity could give holders many times more than the 175p per share in cash from Polo now. Logically, Polo would not be stalking GCM without firm belief that Phulbari stands a good chance of development.
Hard to judge
There was an original contract, on which (and using much lower coal prices) GCM's broker estimated a target of 20 to 25 per share when placing 6.74m shares at 450p in November 2005 to raise funds for initial development activities. But it is hard to judge - or rather, guess - what terms could eventually be agreed if Phulbari is to progress. Hence Polo's timing is shrewd and opportunistic amid the uncertainty, with possibly a massive transfer of value from GCM shareholders to Polo's on the basis of a cash offer.
Be aware how difficult it can be to achieve a breakthrough in Bangladesh. GCM management was confident late last year that a coal policy would be affirmed by Bangladesh in January, as a basis for progressing with foreign investors. Six months later, the interim government may still be prevaricating because it fears social unrest. Uncertainty over who could be in control of GCM may also add to the challenge of getting project approval from the authorities.
A further dilemma for GCM shareholders is that Polo - and any supportive investors recently buying in - may already own over 50% of the equity and control the company. It would however require 90% ownership before any dissenters would have their shares compulsorily acquired. It is quite curious why GCM has avoided any comment on the approach, which on the face of it may be a tragedy for patient longstanding investors, some of whom will have bought in at prices over 400p in the market or a placing.
So this is a complex and intriguing situation, one for experienced players of mining shares. You cannot define any 'margin of safety' in the current buying price, holding GCM involves taking a view on the probability of events although the downside should be limited if Phulbari and the bid approach both go nowhere.
Be aware that if there is a worthwhile breakthrough on Phulbari then this share can move very quickly, especially now that the coal sector is a hot play on the stockmarket. Regular news about coal producers agreeing attractive forward contracts has meant institutions and individuals alike scrambling to get exposure.
Mind too, that charts suggest that the coal sector involves a financial bubble rather like oil shares as well, although re-ratings can be justified on a one to two-year view as a result of forward pricing agreements. The prime risk for spoiling the party in coal mining shares looks to be inflationary issues in China possibly needing tougher action there, with higher interest rates, which could destabilise China's economy and quickly impact sentiment in commodity markets. For the time being, however, coal shortages amid strong demand mean this sector is enjoying a boom.
One way to keep tabs on an evolving investment situation is to register for Google alerts on a topic, such as 'Phulbari', but be mindful that you can get bombarded with distracting material this way. A problem with trying to be objective about Bangladesh is that some of the media agenda is an environmentalist crusade; whereas its political elite may be wiser to the realities of energy shortage.
Even if GCM shares are too tricky a proposition for you to consider buying, this is a fascinating story to follow.
Edmond Jackson
06.06.08
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
In a New Year piece citing Five special situations for 2008, I noted the prospects at AIM-listed GCM Resources (GCM) at 98p - formerly called Global Coal Management
and also previously known as Asia Energy - which floated in March 2004. The company first changed name following orchestrated violence in August 2006 against its principal project, a start-up coal mine at Phulbari in northwest Bangladesh, and because of a change in strategy in which it took stakes in other coal and uranium ventures, as a means to diversify.
Recruiting Steve Bywater as chief executive, the company introduced a talented industry leader and also raised funds to proceed with Phulbari; hence while waiting for things to settle in Bangladesh it made sense to apply management and finance to other situations to enhance shareholder value. Astute investing and soaring coal prices have affirmed this portfolio approach that now limits downside risk in GCM shares, whatever happens in Bangladesh. You can learn more about the activities at gcmplc.com.
Higher coal prices and acute power shortages in Bangladesh have intensified speculation there, and on the London stockmarket, that Phulbari must be developed if Bangladesh is to address its energy crisis. Without radical action, power shortages and cuts can only get worse and severely compromise the country.
As if affirming the improved odds of progress with Phulbari (still speculative, it should be emphasised), earlier this year there was determined stake-building by AIM-listed Polo Resources (PRL), up to the 29.7% maximum ownership level in GCM before a bid must be made. Polo is another company capitalising on the fast-growing Asian market for coal. The price had then reached about 130p. Then, on 19 May, it was announced that Polo had approached GCM with a cash offer at 175p per share, conditional on raising funds. On 2 June, Polo affirmed that it had raised over 80 million via a share placing at 13p, which would cover the 60 million required to do the deal - assuming GCM shareholders accept. As I see it, they would be caving in irrationally; the company already has a quality spread of interests and calibre management that stands as good a chance as anyone of progressing the Phulbari project; moreover retaining GCM equity could give holders many times more than the 175p per share in cash from Polo now. Logically, Polo would not be stalking GCM without firm belief that Phulbari stands a good chance of development.
Hard to judge
There was an original contract, on which (and using much lower coal prices) GCM's broker estimated a target of 20 to 25 per share when placing 6.74m shares at 450p in November 2005 to raise funds for initial development activities. But it is hard to judge - or rather, guess - what terms could eventually be agreed if Phulbari is to progress. Hence Polo's timing is shrewd and opportunistic amid the uncertainty, with possibly a massive transfer of value from GCM shareholders to Polo's on the basis of a cash offer.
Be aware how difficult it can be to achieve a breakthrough in Bangladesh. GCM management was confident late last year that a coal policy would be affirmed by Bangladesh in January, as a basis for progressing with foreign investors. Six months later, the interim government may still be prevaricating because it fears social unrest. Uncertainty over who could be in control of GCM may also add to the challenge of getting project approval from the authorities.
A further dilemma for GCM shareholders is that Polo - and any supportive investors recently buying in - may already own over 50% of the equity and control the company. It would however require 90% ownership before any dissenters would have their shares compulsorily acquired. It is quite curious why GCM has avoided any comment on the approach, which on the face of it may be a tragedy for patient longstanding investors, some of whom will have bought in at prices over 400p in the market or a placing.
So this is a complex and intriguing situation, one for experienced players of mining shares. You cannot define any 'margin of safety' in the current buying price, holding GCM involves taking a view on the probability of events although the downside should be limited if Phulbari and the bid approach both go nowhere.
Be aware that if there is a worthwhile breakthrough on Phulbari then this share can move very quickly, especially now that the coal sector is a hot play on the stockmarket. Regular news about coal producers agreeing attractive forward contracts has meant institutions and individuals alike scrambling to get exposure.
Mind too, that charts suggest that the coal sector involves a financial bubble rather like oil shares as well, although re-ratings can be justified on a one to two-year view as a result of forward pricing agreements. The prime risk for spoiling the party in coal mining shares looks to be inflationary issues in China possibly needing tougher action there, with higher interest rates, which could destabilise China's economy and quickly impact sentiment in commodity markets. For the time being, however, coal shortages amid strong demand mean this sector is enjoying a boom.
One way to keep tabs on an evolving investment situation is to register for Google alerts on a topic, such as 'Phulbari', but be mindful that you can get bombarded with distracting material this way. A problem with trying to be objective about Bangladesh is that some of the media agenda is an environmentalist crusade; whereas its political elite may be wiser to the realities of energy shortage.
Even if GCM shares are too tricky a proposition for you to consider buying, this is a fascinating story to follow.
smiler o
- 09 Jun 2008 13:18
- 343 of 660
Monday, June 9, 2008 06:14 PM GMT+06:00
Investing in long-term economic future
Given the triple global shocks of US recession, record oil prices and rampant food inflation, the relative strength of the Bangladesh economy is something that the country can be proud of. Add to this the lagged impact of cyclone Sidr and the current projected official growth rate forecast of 6.2 percent for FY 2007/08 is a testament to resilience of entrepreneurs and workers in the private sector.
But with the release of the budget, our focus naturally turns to strategy and the effectiveness of fiscal policy. The somewhat confusingly labelled revenue budget is expected to rise by 40 percent while the Annual Development Programme (ADP) element of the budget is projected to decline. While the Finance Adviser noted the distinction is artificially separated as they have an equal impact on people's lives, from a policy perspective, it is a useful split insofar as it distinguishes between expenditure to meet current consumption/subsidization needs for the economy, versus an ADP expenditure that ought to enhance the competitiveness and longer-term potential of the Bangladesh economy.
On the revenue element of the budget, there has been a lot of focus on the pros and cons of the policy of energy, food and fertilizer subsidization that is prevalent not only in Bangladesh but a number of other developing economies. My bias is always to think that greater price transparency is better than distortions in the costs of goods for the more effective functioning of a market economy. Direct subsidization for the poor is also more effective than subsidies than benefit the millionaire city businessman to the same extent as the poor farm labourer. But the violent protests in India in the past week in response to the 10 percent hike in oil prices underlines the need for sensitivity by the government in not adding to domestic political tensions at this sensitive time of transition back to a democratically elected government. So reducing subsidies in the short-term might be ill advised.
But the authorities should be less happy with the inability to deploy development spending more effectively. Bangladesh needs to equip itself more effectively to compete more effectively, attract FDI and reduce its reliance on imports of food and energy. So I would suggest focusing discretionary spending on the following areas:
1)Food: Expanding the Agri research budget so Bangladesh can become a major net exporter of food. More spending on biotechnology solutions from hybrid rice and enhancing crop yields to more efficient aquaculture will be money well spent.
2) Energy: Bangladesh can get closer to energy self-sufficiency by exploiting the 3.5 bn tonnes of coal as well as greater utilization of bio-diesel opportunities through expanded Jatropha production. Increased investment in energy research, both conventional and alternative, should be a top government priority.
3)FDI: ADP spending should be directed to both develop and market Brand Bangladesh more effectively that will increase FDI flows. Targeted fiscal incentives to bring back more NRBs as China has done so effectively with their Diaspora is also likely to be an effective use of resources.
If we see fiscal policy as a key strategic tool in our economic development, rather than merely budgetary firefighting and short-term expediency then we will be enhancing Bangladesh's global competitiveness and long-term economic future
Investing in long-term economic future
Given the triple global shocks of US recession, record oil prices and rampant food inflation, the relative strength of the Bangladesh economy is something that the country can be proud of. Add to this the lagged impact of cyclone Sidr and the current projected official growth rate forecast of 6.2 percent for FY 2007/08 is a testament to resilience of entrepreneurs and workers in the private sector.
But with the release of the budget, our focus naturally turns to strategy and the effectiveness of fiscal policy. The somewhat confusingly labelled revenue budget is expected to rise by 40 percent while the Annual Development Programme (ADP) element of the budget is projected to decline. While the Finance Adviser noted the distinction is artificially separated as they have an equal impact on people's lives, from a policy perspective, it is a useful split insofar as it distinguishes between expenditure to meet current consumption/subsidization needs for the economy, versus an ADP expenditure that ought to enhance the competitiveness and longer-term potential of the Bangladesh economy.
On the revenue element of the budget, there has been a lot of focus on the pros and cons of the policy of energy, food and fertilizer subsidization that is prevalent not only in Bangladesh but a number of other developing economies. My bias is always to think that greater price transparency is better than distortions in the costs of goods for the more effective functioning of a market economy. Direct subsidization for the poor is also more effective than subsidies than benefit the millionaire city businessman to the same extent as the poor farm labourer. But the violent protests in India in the past week in response to the 10 percent hike in oil prices underlines the need for sensitivity by the government in not adding to domestic political tensions at this sensitive time of transition back to a democratically elected government. So reducing subsidies in the short-term might be ill advised.
But the authorities should be less happy with the inability to deploy development spending more effectively. Bangladesh needs to equip itself more effectively to compete more effectively, attract FDI and reduce its reliance on imports of food and energy. So I would suggest focusing discretionary spending on the following areas:
1)Food: Expanding the Agri research budget so Bangladesh can become a major net exporter of food. More spending on biotechnology solutions from hybrid rice and enhancing crop yields to more efficient aquaculture will be money well spent.
2) Energy: Bangladesh can get closer to energy self-sufficiency by exploiting the 3.5 bn tonnes of coal as well as greater utilization of bio-diesel opportunities through expanded Jatropha production. Increased investment in energy research, both conventional and alternative, should be a top government priority.
3)FDI: ADP spending should be directed to both develop and market Brand Bangladesh more effectively that will increase FDI flows. Targeted fiscal incentives to bring back more NRBs as China has done so effectively with their Diaspora is also likely to be an effective use of resources.
If we see fiscal policy as a key strategic tool in our economic development, rather than merely budgetary firefighting and short-term expediency then we will be enhancing Bangladesh's global competitiveness and long-term economic future
smiler o
- 11 Jun 2008 20:09
- 344 of 660
http://www.weeklyblitz.net/index.php?id=226
It is now greatly expected that following the self-exile of Sheikh Hasina, there will be immediate reform initiatives within the party. Some of the young, talented, bright but till date deprived politicians in the party are looking for the opportunity of throwing the old garbage [old leaders] out of the party, thus transforming Awami League into a real democratic force to face the challenges of the future decades.
The main thrust of the proposed reforms is to end the dynastic leadership in the parties. It will also change the way these leaders rule when they are in power. These reforms are proposed targeting former Prime Ministers Sheikh Hasina and Begum Khaleda Zia. Hasina is the daughter of Bangabandhu Sheikh Mujibur Rahman, and Khaleda is the widow of former president Ziaur Rahman.
The caretaker government also wants to strip the parties of their powerful and often militant student wings...
The caretaker government is also making conscious effort to create positive international opinion in favor of its reform agenda. It is learnt that the Foreign Advisor Dr. Iftekhar Ahmed Chowdhury is concentrating in adopting several positive plans as well correcting some past errors in turning Bangladeshs foreign policy into one of the best foreign policies in the sub-continent.
It is now greatly expected that following the self-exile of Sheikh Hasina, there will be immediate reform initiatives within the party. Some of the young, talented, bright but till date deprived politicians in the party are looking for the opportunity of throwing the old garbage [old leaders] out of the party, thus transforming Awami League into a real democratic force to face the challenges of the future decades.
The main thrust of the proposed reforms is to end the dynastic leadership in the parties. It will also change the way these leaders rule when they are in power. These reforms are proposed targeting former Prime Ministers Sheikh Hasina and Begum Khaleda Zia. Hasina is the daughter of Bangabandhu Sheikh Mujibur Rahman, and Khaleda is the widow of former president Ziaur Rahman.
The caretaker government also wants to strip the parties of their powerful and often militant student wings...
The caretaker government is also making conscious effort to create positive international opinion in favor of its reform agenda. It is learnt that the Foreign Advisor Dr. Iftekhar Ahmed Chowdhury is concentrating in adopting several positive plans as well correcting some past errors in turning Bangladeshs foreign policy into one of the best foreign policies in the sub-continent.
smiler o
- 12 Jun 2008 10:11
- 345 of 660
June 12, 2008
Bangladesh to adopt coal policy soon to increase production
Reuters reported that Bangladesh's army backed interim government is hoping to finalize a long waited policy soon to extract the huge coal reserves to supplement fast depleting gas resources.
Mr M Tamim special aide to the head of the government responsible for power, energy & mineral resources said that "To meet the energy demand we will have to use the coal resources. I ask all to leave issue of coal extraction to the experts, have trust in them. Everything will be done on the basis of accountability and transparency."
Energy officials said that Bangladesh should adopt the coal policy quickly, to allow foreign firms to work on two large coal fields in the country's north at an early date.
Bangladesh faces a serious energy crisis, with lack of gas to produce electricity. The crisis is set to worsen by 2011 when its proven and recoverable gas reserves could run out. As a result, attention is increasingly turning to the country's vast coal resource. Bangladesh now extracts coal from just one of five fields with 2.55 billion tonnes, with technical assistance from a Chinese firm.
Bangladesh to adopt coal policy soon to increase production
Reuters reported that Bangladesh's army backed interim government is hoping to finalize a long waited policy soon to extract the huge coal reserves to supplement fast depleting gas resources.
Mr M Tamim special aide to the head of the government responsible for power, energy & mineral resources said that "To meet the energy demand we will have to use the coal resources. I ask all to leave issue of coal extraction to the experts, have trust in them. Everything will be done on the basis of accountability and transparency."
Energy officials said that Bangladesh should adopt the coal policy quickly, to allow foreign firms to work on two large coal fields in the country's north at an early date.
Bangladesh faces a serious energy crisis, with lack of gas to produce electricity. The crisis is set to worsen by 2011 when its proven and recoverable gas reserves could run out. As a result, attention is increasingly turning to the country's vast coal resource. Bangladesh now extracts coal from just one of five fields with 2.55 billion tonnes, with technical assistance from a Chinese firm.
smiler o
- 12 Jun 2008 10:40
- 346 of 660
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