Global Coal Management Plc (formerly Asia Energy PLC)



Overview

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

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

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

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

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

Coal Project facts

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

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

Background

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

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

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


http://www.gcmplc.com/

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Bangladesh To End Emergency, Withdraw Troops Ahead Of Election


DHAKA (AFP)--Bangladesh has decided to pull out thousands of military personnel deployed across the country since January last year as it prepares to end a state of emergency and hold elections, an official said Monday.

The country's president Iajuddin Ahmed has signed an order withdrawing troops who have been deployed in all the districts of the country to aid the civilian emergency administration, his secretary Sirajul Islam said.

"The president signed the order this afternoon and home ministry will now issue a gazette notification," he said.

A home ministry official confirmed the decision, saying the order would be effective from Tuesday.

Some 60,000 military personnel have been deployed as part of the emergency since January 2007, when months of political turmoil prompted the country's powerful army to cancel elections and set up a caretaker government.

Armed forces set up camps in all the districts of the country and in important government offices.

After pushing through crucial electoral and political reforms, the government has promised to lift all political restrictions ahead of polls on Dec. 18.

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Interesting times ahead for this share with the victory for the Awami league, not to sure where they stand on Phulbari as they haven't been in power for 7 years. I hope the only way is up over to you Smiler, ajcc.

Aye with a bit of Luck ! ; )

Election seems to have the effect, should tick up from here i hope.

lets hope so still at a good level to get in at !!

Very quiet on this thread tonight considering it is the best performer of 2009 by far, and will probably be so on Monday as well, when the real players get back to their desks and see what they missed.

The trouble with Bangladesh is simply the two women. Zia and Hasina.

Bangladeshi men joke that they have no balls, the men that is, and let two women screw up the country.

Back to Phulbari and AEN/GCM.

Turn the clock back a few years, the BNP party were pushing for the project to go ahead, the Awami League were said to be stirring up violent protests. This is similar to many south-east Asian countries, where large projects (and therefore massive corruption monies) are at play.

Each government wants to be the one to give the go ahead, as obviously during their time in power they have changed the previous governments plans and put in place their own plans, so all the commissions, contracts and under the table monies go to their people, not the people and friends and families/relations of the previous government.

This is why projects take to so long to get going, and why multiple government changes happen during many major south east Asian mega projects.

Now that the Awami League is in power, they will strip away all the BNP contacts and contracts from this project and put in place AL friends and supporters, who will line up to take all the benefits.

So you will have role reversal, and now likely the BNP will be stirring up violent protests against the project, while the AL try to push it through.

Likely scenario is everything will go very pear shaped again.

Do not forget the Military have let Zia and Hasina out of prison on very tight leashes for this election, any smell of naughty deeds and they are in trouble. A mega project like this is just too big to not be turned into a money making process for "corruption construction companies", so temptation, and also "whistle blowing" and therefore "violent protest" is all too likely IMV.

Coal is not the answer for Bangladesh, they should be taking on Chinese Nuclear Reactors.........

So I would suggest expect nothing to happen progress wise, expect lots of violent protests and back to the same all over again. Maybe this time will be different, I would guess not.........

Many thanks for your view on Bangledeshi political corruption which I know little about. I believe with some good press coverage over the weekend this could be one to watch on Monday (short term view, I know).

I still see this going up owing to the strength of the share at close of play Friday. Polo also a buy.

Aye well done to all who got in at 20p : )

Bad luck those who purchased at 150p and 160p today.........so far......... :) LOL

Well IF this ever comes off they to will be very Happy !!

GCM Resources Share Price Movement - MoneyAM


The Board of GCM Resources has issued a statement noting the recent movements in its share price. On Friday January 2nd, the share price rocketed from 26.25p to 140p but has since slipped backed to 82p.

The Company's main asset is the Phulbari Caoal Project in Bangladesh which has yet to receive official approval for development. On December 16th 2008, the Company issued a statement saying that following the elections at the end of the month it looked forward to working with the new governement to move the project forward.

The directors say they are not aware of any other factors that are giving rise to the share price increase.

Election fever is over now.

Correct but a lot of people have made a lot of money and all on speculation, imagine what will happen when they get the go ahead.

still holding and hoping, a little bit of news will see this rocket again.

Well rockets go up and then.....

Make your money get out, buy again when it comes down and so on. Don't know anyone one thats in share trading because they love the company. Isn't it all about making money?.

; )

Get out whilst you can... tumbling back quickly...44p now