GCM Resources, the mining and investment company behind the Phulbari Coal Project in Bangladesh which promises to ease the energy needs of the country, reasserted its commitment to the project.

Reporting on its progress during the year to June 30th 2009, GCM said that last year’s parliamentary elections in Bangladesh had triggered renewed efforts to get Phulbari through the approvals process and into production.

The provision of power and energy, including the development of coal mines and coal-fired power generation, was one of the five priority issues in the manifesto of the incoming Government.

Elsewhere, GCM kept up its strategy of buying stakes in other mining companies, including the £2.8 million purchase of an interest in AIM listed Polo Resources and continuing support for Aura Energy Ltd in West Africa. Nevertheless, the value of these investments fell during the year, which contributed to a loss of £5.7 million from last year’s profit of £0.9 million.

Evaluation expenditure relating to the Phulbari Coal Project was GBP 2.8 million for the year up slightly from GBP 2.5 million in 2008. Its cash balances were GBP 1.4 million and listed equity investments totaled GBP 20.2 million.

sourced : Reuters

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