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/

"

Dhaka aims for $1bn in foreign investmentPublished: Thursday, 19 April, 2007, 09:21 AM Doha Time

DHAKA: Bangladesh hopes to secure $1 billion in foreign direct investment (FDI) in 2007, despite missing targets last year, a senior official said yesterday.
The total volume of the FDI may be $700mn against the target of $1bn, Mohammed Nazrul Islam, executive chairman of the Board of Investment (BOI), said, referring to expected investment flows and the target for 2006.
Nazrul blamed the countrys political crisis for the poor investment inflow last year, but said reforms being put in place by the army-backed interim government had brightened prospects.

The investment board had also set FDI targets of $1.2bn for 2008, $1.4bn for 2009, and $1.6bn for 2010.
A target of $2.6bn was set for 2015, when Bangladesh aims to reduce poverty levels by 50 percent.
FDI grew 84% to $845.3mn in 2005, other officials of the board said, and totalled $460.4mn in 2004.

Foreign investors are now coming back to Bangladesh following improvements in the political situation, Nazrul said.
Investors such as United Arab Emirates-based Abu Dhabi Group, Singapore Telecommunications Ltd., Japans YKK Corp, Indias Tata Group, Asia Energy of the UK, are among those awaiting approval for investment projects, the BOI chief said.

The investment board will give priority to attracting FDI in textiles followed by electronics, telecommunications, frozen foods, natural gas-based industries, leather, ceramics and service sectors.
Previously, FDI proposals came from developed countries but were now also coming from developing countries.

Indias Tata Group has submitted a $3bn plan to build a slew of industrial projects in Bangladesh. The group suspended its proposal last July after the previous government halted talks until after national elections. Reuters

Global Coal Management PLC
23 April 2007

GLOBAL COAL MANAGEMENT PLC



ISSUE OF EQUITY


Global Coal Management plc ('the Company'), today announces that pursuant to an
exercise of existing options, it has issued and allotted 10,000 new Ordinary
Shares of 10p each, at a price of 75p.

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares
of 10p each in the Company and trading of these shares on AIM is expected to
commence on 27th April 2007.

The total number of Ordinary Shares in issue following this issue is 48,781,024.


23 April 2007

May 4th 2007

Long-term energy security needed

Speakers for diversification of sources

News Report
Speakers at a roundtable discussion stressed the need for diversifying the sources of energy, lessening dependence on gas, to ensure the long-term energy security.
They suggested immediate start of coal extraction from the mines in the northern region, going for further exploration of gas - both onshore and offshore - and getting prepared for atomic energy.
The Weekly Ekhon organised the discussion titled "Future sources of energy" at the National Press Club on Thursday.
Former PDB chairman Quamrul Islam Siddique, mine engineer and former Petrobangla director Moinul Ahsan, Bangladesh Atomic Energy Commission director Dr Yunus Akon, Dhaka University professors Dr SM Mahfuzur Rahman and Dr Niaz Ahmed Khan, BUET professor Md Tamim, Jahangirnagar University professor Dr Khalilur Rahman, Daily Manabjamin editor Matiur Rahman Chowdhury and Forum of Environment Journalist Bangladesh president Kamrul Islam Chowdhury were the key discussants.
Ekhon editor Ataus Samad, also the advisory editor of the Daily Amar Desh, presided over the session.
Almost all the discussants encouraged open-pit extraction of coal analysing the geological condition of Bangladesh with the view that it could be pursued at least under a pilot project.
They observed the underground mining might cause disasters like that of Barapukuria, where a British mining consultant died and another fell sick recently due to air poisoning inside the mine.
Quamrul Islam Siddique in his speech highlighted the constitutional weakness in solving the power crisis of the country. He lamented that energy related institutions are always run by non-experts in the country.
He also held corruption, especially done and indulged in by politicians, responsible for the present state of power. "Previous governments could not finalise many power projects due to corruption."
Dr Tamim said the country should opt for open-pit mining at Fulbaria at pilot-level. "But at the same time, issues related to environment and the people to be displaced should be looked into seriously. I think it would be no problem to carry on open-pit mining if the affected people are compensated adequately," he said.
He lamented that politicians do not say anything when housing projects like Uttara and Purbachal are developed displacing people, but they become vocal when people are displaced for a project like Fulbaria, which will greatly contribute to the economy.
Moinul Ahsan also advocated open-pit mining. He, however, expressed his doubt whether the country could ultimately benefit from the coal in the mines ending the debates of open-pit and underground mining.
Moinul held the government responsible for "creating problems concerning the Fulbari mine by mishandling the issue." "But the problems can be addressed through offering adequate compensation and political will is necessary for that."
He said the people in the Fulbari area should be convinced that they would get back their land after 15 years and could use it for agriculture.
Ataus Samad said it is high time for Bangladesh to settle the maritime boundary issue with India. Once the issue is settled Bangladesh can explore mineral resources lying offshore, he added.
Matiur Rahman Chowdhury proposed for a constitutional body, to be formed comprising experts in the sector.
"The body will be of such a character that a government will go from power after ending its tenure but the body would continue to exist."

http://www.newstoday-bd.com/frontpage.asp?newsdate=#5260

this does sound like they are making progress , A positive NEWS clip IMO from yesterday

also ...........

DHAKA (Reuters) - Bangladesh said on Friday it was considering atomic energy as an alternative source to meet the growing shortfall of electricity output in the country.

The power shortfall has soared to 1,500 megawatt (mw), as the state Power Development Board has said the country can produce at best 3,000 mw against demand of about 5,000 mw.

"We are thinking to use atomic energy as an alternative source to generate electricity," Tapan Chowdhury, adviser to the interim government and head of energy ministry told the conference of the Bangladesh Physical Society.

He gave no details.

The country's reserves of gas and coal, its source of energy, were fast depleting, Tapan said.

The gas and coal reserves will run out within decades if used at the present rate, officials said.

They said the shortfall in electricity output was due to mechanical troubles in most of the 60 decades-old power plants.

Bangladesh produces gas from 14 out of 23 discovered fields and has 14 tcf of proven and recoverable gas reserves based on current estimates. More than 3 tcf of gas has been extracted.

Bangladesh consumes around 1.6 billion cubic feet (bcf) gas per day.

(they will wan't that coal me thinks !!!!)

Exploration of new energy sources must
By BSS, Dhaka
Fri, 4 May 2007, 01:17:00

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Speakers at a roundtable here on Thursday underscored the need for exploration new sources of energy including offshore mining as the country's demand for power has been increasing rapidly.

A national committee should be formed to monitor the activities in energy sector and steps must be taken to reduce the use of natural gas by exploiting other resources including coal, they said.

The roundtable titled 'Future Source of Energy in Bangladesh' was organized by the weekly 'Ekhon' at the Jatiya Press Club here which was moderated by the editor of the weekly Ataus Samad.

President of Water Partnership Bangladesh Quamrul Islam Siddiqui, Chairman of petroleum institute of BUET Dr Mohammad Tamim, Chairman of Summit Group Mohammad Aziz Khan, Professor S M Mahfuzur Rahman of Dhaka University, former director of Petrobangla Moinul Ahsan, Dr Khalil Chowdhury of Jahangirnagar University, editor of the daily Manabjamin Motiur Rahman Chowdhury and chairman of the Forum of Environmental Journalists of Bangladesh Quamrul Islam Chowdhury spoke, among others.

Ataus Samad said the scope has been created to extract gas from the new gas fields in the Bay of Bengal.

Dr Tamim recommended five steps including extracting gas from the existing fields, improving efficiency of human resources and diversifying energy use for solving energy crisis.

Referring to the requirement of huge investment in the power and gas sector, Quamrul Islam Siddiqui said the private sector should be involved in the power sector like the country's readymade garments (RMG) sector by making congenial investment climate in the sector.

"In the Kaptai Hydro-Electric Plant, another 100 MW power could be generated without raising the height of the existing dam," he added.

Other speakers underlined the need for making facilities to use renewable energy including hydro-power, nuclear and solar power in the country.

It is necessary to keep the country's gas resources reserved for fertilizer production and household uses, they suggested.

Energy Ministry moves fast to formulate coal policy 8 May 2007 19:15 GMT
... Energy Ministry moves fast to formulate coal policy By ... the underground mining-is viable and appropriate for Bangladesh's coal sector. While such an initiative is ... and optimum utilisation of extracted coal for power generation.



http://energy.einnews.com/bangladesh/

Decision on Tata's investment proposal soon
FE Report
5/15/2007

The government will soon take decision on Tata's $3.0 billion investment proposal for setting up steel, coal, fertiliser and electricity production units in the country.
"The decision on all the projects of Tata will be taken soon once the coal policy is finalised," Nazrul Islam, executive chairman of the Board of Investment (BoI), said at a meeting mentioning the discussion he had with the chief adviser Fakhruddin Ahmed.
He said, the coal policy is expected to be finalised later this month.
Regarding fixation of gas price Islam said, in this case there will be both constant and variable prices.
He also indicated that Tata might be offered a 10-year gas supply guarantee.
The BoI executive chairman disclosed these while answering to questions at a meeting organised by the Dutch-Bangla Chamber of Commerce and Industry (DBCCI) in a city hotel Monday.
He said the government has taken sincere initiative to minimise the cost of doing business by improving governance issues, enhancing the capacity and efficiency of the public sector, readjusting and updating the trade and investment policy issues and ultimately improving the investment climate of the country.
Infrastructure, especially the port situation, have improved significantly, he said and added production and transportation situation has also accelerated a lot in recent times.
In this connection, Islam mentioned that the government has established a national task force with representations from the private sector for streamlining the problems impeding private sector investment.
Speaking at the meeting as special guest, Kees Beemsterboer, ambassador of the Netherlands in Bangladesh, stressed the need for taking steps for changing the perception of people living in other countries and also to impress potential foreign investors.
There is a perception abroad that Bangladesh, situated between India and Thailand, is a country of chronic floods and corruption, he said and added the potential of the country, on the contrary, is very good and this message should be conveyed.
"Each of you visiting my country or any another country please convey the message that there exists a good investment-friendly climate in Bangladesh," Kees said.
He said, the measures already taken to improve the investment climate will help to attract investors from abroad.
Kees expressed the hope that the bilateral trade which is presently very poor will increase in future.
Replying to the Dutch ambassador, BoI executive chairman said they have planned and designed road shows and some programmes, as part of image building campaign of the country, in foreign countries to change the perception of the people.
"We are going to arrange more such programmes in UK, Germany and Canada," he said.
Meanwhile, Islam said, the government has taken strong stance to combat the corruption and added the chief of Anti-Corruption Commission is actively moving ahead with his duties.
Mentioning an inter-ministerial meeting held Monday, he said BoI will introduce 'one stop service' replacing the present 'one window service' to render prompt services to the investors.
Islam called upon the foreign investors to contact high officials of his office including himself directly instead of sending agents.
Mentioning $172 million Dutch investment registered with BoI for 32 projects, he called upon the investors of Netherlands for further investment in Bangladesh.
Speaking on the occasion, Asif A Chowdhury, president of DBCCI, said political uncertainties, bureaucratic procrastination in the decision making process, unpredictable fiscal and monetary polices and inadequate infrastructure facilities like electricity, water supply, inland transportation and inefficiency of port are still causes of concern for the investors despite liberal policies of the government.
In order to attract more foreign direct investment it is extremely necessary to bring about the reforms in the administrative, fiscal and monetary policies, he added.

of Interest

China's Shenhua, Dow Chemical to study coal-to-chemical facility in Shaanxi
05.15.07, 1:28 AM ET

BEIJING (XFN-ASIA) - Shenhua Group, China's largest coal producer, will sign a cooperation agreement with Dow Chemical Company for a detailed feasibility study on a coal-to-chemicals complex in northwestern Shaanxi province, the two firms said in a joint statement.

The project will use 'clean coal' technologies that convert coal to methanol to produce ethylene and propylene.

The complex will include a chlor-alkali unit, enabling the production of chemicals such as caustic soda, vinyl chloride monomer and chlorinated organics. Other derivative products being planned include glycols, amines, solvents, surfactants, acrylic acid and derivatives, and propylene derivatives.

The feasibility study is expected to take about two years and once completed the two companies will compile a project application report which will be submitted to the Chinese government for approval.

'This project aligns with Dow's strategy to invest in growth geographies like China, and will build Dow's competitive position to serve customers in Asia with locally produced products and solutions,' Andrew Liveris, chairman and CEO of Dow said in the statement.

Shenhua Group is the parent of Hong Kong-listed Shenhua Energy Co Ltd ( HK 1088 ).

Tuesday, 15 May 2007, 00:39 GMT 01:39 UK



Coal 'can be clean and reliable'

There has been a renewed interest in mining
New technology means coal can be both a clean and secure source of energy, according to a UK think-tank report.
High in carbon emissions - a key factor causing climate change - coal has typically been seen as a dirty fuel.

But the environmental damage can be reduced, says the report, and unlike some renewable energy it can also be stored and provided on demand.

The report by the Centre for Policies Studies comes in advance of the UK energy white paper, expected in May.

"New clean technologies are being developed around the world which can reduce the environmental impact of coal-fired generation," the report said.

These new techniques are "proven", the study added.

"Powerfuel's new development at Hatfield in Yorkshire is an example of how a new clean coal plant can be developed in practice," it said.

The site, near Doncaster, was reopened in 2006, as part of plans to revamp the colliery and develop a clean coal power station.

Political support

Developing clean coal in the UK would not only be good for the domestic market.

It would also be an effective way of setting an example for developing economies, including China and India, so they could "take advantage of their own coal reserves" in an environmentally acceptable way.

But in order to make best use of coal, there needs to be clear political support to encourage investors and systematic planning rules for coal sites, said the think-tank.

The government should also provide the same degree of subsidy as it does for renewable energy, it added.

It argued that ultimately, if coal were developed using new technologies, it could mean a more reliable energy source and cheaper electricity for the consumer.

"Such a combination ought to be attractive to all policy-makers," the report said.

Bangladesh: Lobbying Intensifies as Caretaker Govt. Drafts Coal Policy [ Print ]
Coal
EB Report , published 14/5/2007

Page [ 1 ]

When the caretaker government is moving fast to formulate the national coal policy, both the campaigners of open pit and underground mining have intensified their efforts to pursue the policymakers.

According to official sources, some of the campaigners are even engaged in campaign at the international level to pursue their own policy.

They said Energy Ministry has planned to organise a national seminar to discuss the issue and get advice from experts to reach a conclusion that could help formulate a national coal policy as well.

An Energy Ministry official said the government is determined to reach a conclusion by the end of the current month on the ongoing debate on which methodology either the open pit mining or the underground mining is viable and appropriate for Bangladeshs coal sector.

While such an initiative is on, both the campaigners of open pit mining and underground mining have become active to pursue the policymakers in favour of their respective campaign.

The official sources said the planned national seminar would take place in the third week of the current month in Dhaka.

The countrys eminent energy experts, academicians, economists, geologists and miners will be invited to express their views and recommendations on the coal mining issue so that the government can properly formulate the policy protecting the national interest.

The Energy Ministry already invited some energy experts to hear their views in an indoor meeting last week.

Having held this indoor meeting, the Energy Ministry officials felt that there should be more open and wide-range of discussions on the issue so that the government could take a correct decision in choosing the mining methodology.

The Energy Ministry officials said they are hopeful of getting realistic views from experts on different issues from the seminar like royalty rate, safe coal mining methodology, coal export and optimum utilisation of extracted coal for power generation.

Meanwhile, the countrys civil society, NGOs and experts are divided on the issue as to what methodology should be the appropriate for coal mining in Bangladesh.

Some of them believe that open cast coal mining methodology would be the appropriate for Bangladesh as it is possible to extract 100 percent coal with the technology.

They are also of the view that the open cast mining methodology is cost effective and safe, and easier to handle.

This group of experts openly expressed their views in favour of open cast mining methodology in a recent seminar. BUET Prof Mohammad Tamim and some other experts were present.

Another group of experts believes that open cast mining methodology would not be appropriate for Bangladesh, as it is a densely populated country. They said huge population has to be displaced from the mining area in case of the open cast mining.

While the debate is going on, an NGO under the banner of Bangla Praxis has engaged in international campaign against open cast mining in Bangladesh.

Sources said a delegation of Bangla Praxis went to Japan to demonstrate against the open cast mining in Phulbari and other projects during the recent board meeting of the Asian Development Bank (ADB) in Kiyoto.

Professor Aanu Mohammad led the delegation and organised the demonstration in association with a Japanese NGO JECSES.

Tue. May 15, 2007


Energy crisis management
Mohammad Iqbal Karim

The present Caretaker Government (CG) has initiated a number of long overdue public actions, including power generation. However, all these actions do not necessarily appear to be well- thought out. Rushing to different size power plants, proposing import of electricity from India and Nepal, withdrawing subsidy from petroleum oil and lubricants (POL) without measures for substitution, and reconsidering coal policy, demonstrate the confusion and (again) the typical ad-hoc approach to crisis management while gas, for example, which is not yet in a crisis state but of strategic importance is benignly neglected. The other strategic flaw in energy policy and planning is the supply management approach to meet new challenges




http://www.thedailystar.net/2007/05/15/d705151501113.htm

smiler o is clearly in love with this company, but few others; that is not to say he is wrong ...... however, the chart below is pretty uninspiring, and with sp's reluctance to break through 25 dma and 50 dma only fractionally above, this would not look to be the time to buy

Cynic This is another OXS GOLD (which I must say is going well) !! Could go two ways, I have been buying from 88p up to 150, should they get approval for this mine we are looking at a 10 + share, and untill then I think it will remain at 130 to 159 and as I have a low ish average IMO well worth the Risk, But one must not for get we are dealing with the Bangladesh Government !!!

GHD has extensive experience in working on and evaluating major infrastructure projects and was commissioned to carry out the report by Asia Energy Corporation (Bangladesh) Pty Ltd which is developing a 15 million tonnes per annum open pit coal mine at Phulbari, in the Dinajpur District, Northwest Bangladesh, as well as a 500 MW coal-fired power plant which will be later upgraded to 1000 MW.

Over the life of the project Asia Energy intends to spend an estimated US$3 billion in capital on the mine and power plant and an additional US$10.4 billion in operating costs. Payments to the Government of Bangladesh (GoB) will exceed US$7 billion.

The project is expected to contribute significantly to the development of the Bangladesh economy by adding up to 10 per cent to the countrys energy supply by 2015, GHD said. The productivity and business growth impacts will be very significant. The US$13.7 billion indirect impact over the life of the project is likely to materially underestimate the benefit.

GHD used a multiplier of 1.75 for the indirect impacts, which it said was conservative, given that multipliers in terms of spin-off industries and service sector growth for similar large scale projects around the world range from 1.5 in highly developed countries to 3.5 in poorer, subsistence economies.

The multiplier effects included development of industries from the mines valuable co-products but did not take into account any contribution from savings on foreign exchange from substituting imported coal with local coal, which would amount to a saving of US$3 billion over the life of the project, GHD said.

The effect of this development is expected to radically improve the social and economic well being of the local, regional and national community in Bangladesh, GHD said. This will be in areas as diverse as job opportunities, health facilities and general literacy.

GHD estimated there would be 8-10 additional jobs for every person employed directly on the project. During construction phase the project will employ 2,100 people. When fully operational the mine will employ 1,200 and another 450 will work on the barging and shipment operations at Khulna, making a total of up to 16,500 new jobs.

As a result of the project, a total of US$314 million would be spent on rail and port development to provide a reliable export route.

GHD said US$4.2 billion would be pumped back into the project area in Phulbari, including US$310 million on resettlement and relocation of part of Phulbari Township and surrounding villages.

There will also be programmes to increase local agricultural production and re-cultivate the land backfilled after the mining as well as a major operation to inject water drawn down from the mine back into nearby fields which will involve laying more than 100 kilometres of pipelines.

Asia Energy, which operates in Bangladesh under an existing contract, has established a resource of 572 million tonnes of high quality thermal and semi-soft coking coal in the Phulbari basin and is waiting GoB approval of its Scheme of Development for the mine in line with its contract. Plans for the mine were given Environmental Clearance by the GoB in September 2005. Pre-mining activity is scheduled to start later this year with first coal expected in late 2008 and production then increasing rapidly to 15 million tonnes per annum by 2013.

>>>>> Putting these stats into perspective, can the government really turn this project down given their current economic status? Id be amazed if they did !!!

never ever be surprised at the crap decisions governments make! ...... try the tax nightmare if you deal in Pakistan!

Anxiety confusing search for power?
Qazi Azad
5/15/2007

ENERGY Adviser Tapan Chowdhury is now considering the prospect of importing electricity from neighbouring Myanmar. It reflects his anxiety to overcome the debilitating chronic power shortage in the country.


http://www.financialexpress-bd.com/index3.asp?cnd=5/15/2007&section_id=5&newsid=61117&spcl=no

ADB says Bangladesh needs to improve infrastructure

May 15, 2007

By Ruma Paul

DHAKA (Reuters) - The Asian Development Bank (ADB) said on Tuesday that Bangladesh should improve its infrastructure, including transport and power, to sustain economic growth and attract foreign investors.


http://www.ndtvprofit.com/homepage/news.asp?id=298312

thats good to see, a 72k buy !! was that you cynic ! :))

Global Coal Management PLC
16 May 2007

PRESS RELEASE





16 May 2007

Global Coal Management
('GCM' or 'the Company')


GCM to invest in China Coal & Energy Corporation


Global Coal Management plc ('GCM' or 'the Company') announces that it has agreed
in principle to invest US$5 million in cash for a 5% equity interest in China
Coal & Energy Corporation ('CCEC'), an unquoted BVI company operating in Beijing
established for the purpose of acquiring coking and thermal coal projects in
China. The investment is subject to a successful due diligence currently being
undertaken.


CCEC has entered into several conditional Heads of Agreements pursuant to which
it may, subject to funding, acquire or joint venture various thermal coal
projects primarily in Shanxi and Inner Mongolia, ranging from operating
integrated coal mining and coke processing facilities to coal development
projects with resources of several billion tonnes each.


GCM will evaluate a number of these projects with a view to entering into joint
ventures on a case-by-case basis. With the exception of the integrated coal
mining and coke processing facilities, the remaining coal properties are at
pre-feasibility and exploration stage but appear to be substantial coal
resources which could be suited to large scale mining.


As these projects will require significant technical assistance, GCM have agreed
to provide management services to CCEC directly and will be guiding its
technical management and development. Mr Steve Bywater, GCM's Chief Executive,
will join the Board of CCEC.


Legally binding documentation in relation to this arrangement is expected to be
signed in the coming weeks and on signatures a further announcement will be
made.


'The proposed relationship with CCEC on these exciting projects in China
utilises the strong coal management expertise that exists within the Company and
continues our aim of becoming a global coal management company,' said Steve
Bywater, GCM's Chief Executive.


The Company remains committed to implementing the Phulbari Coal Project Scheme
of Development with the Government of Bangladesh and will advise the market on
any substantive developments as they become available.

With the world population adding 250,000 new people every dayor 1 million new people every four dayseven the minimum amount of electricity needed to sustain an exploding population is a heck of a lot of juice. And King Coal is back in style, particularly in China.



http://www.bitsofnews.com/content/view/5684/43/