- GCM Resources announced that it has has extended its memorandum of understanding (MoU) with PowerChina to further progress its development of the proposed coal mine at the Phulbari Coal and Power Project in North-West Bangladesh.

The extension is subject to the approval of Power China's internal compliance and all other relevant regulatory agencies.

As announced on 14 October 2020, the company entered into a Framework Agreement with NFC focused on the coal mine development and the extension of the MoU will enable the Company to continue to work with PowerChina towards a Framework Agreement.

Michael Tang, Executive Chairman of GCM, commented: "We are pleased to report that this agreement of an extension of the MOU with PowerChina continues our process towards finalising our strategic partnership with NFC and PowerChina. These Companies are highly respected globally and, in becoming strategic partners to the Project, the GCM Board appreciates the tremendous strength and credibility they add to the Project."

In January, GCM resources extended their joint venture deal with PowerChina to mid-March 2022.

At 3:15pm: [LON:GCM] GCM Resources PLC share price was 0p at 11p

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