Shares of AIM-quoted mining and energy company said Tuesday that it is in discussions with China Nonferrous Metal Industry’s Foreign Engineering and Construction, to agree a 12-month extension of the current framework agreements.
The current agreement was announced on 15 October 2020 and expired on 12 October 2021.
GCM said entering into an extension would allow it to continue its progress concerning the company’s 572 million tonnes high-grade coal resources at the Phulbari Coal and Power Project in North-West Bangladesh.
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The company said it is confident of agreeing on the extension terms and notes the added additional procedures required to complete the agreement, which come from recent and as yet unclarified guidance from the Chinese Government.
The CEO of GCM, Datuk Michael Tang PJN, stated: “I am pleased that NFC and GCM have engaged in discussions to extend the Framework Agreement and would like to express my sincere thanks to the NFC team for the enthusiasm shown in our partnership to date.”
GCM Resources shares have reacted positively to the news, making it one of the biggest gainers in London on Tuesday, up 19% at 6.25p.
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