GCM Resources announces new approach for Phulbari Coal Mine, appoints Gary Lye as ED of the company
Dhaka, Apr 24 (UNB) - Asia Energy's mother organization GCM Resources plc has appointed Gary Lye as its Executive Director and announced a new approach to the development of the Phulbari Coal Project in Bangladesh.
In a press release dated April 23, the GCM said it is taking a new approach to dealing with the government of Bangladesh in the country's most important world class natural resources, the Phulbari Coal Project.
The GCM said that following the recent change in management, it's board has undertaken a thorough review of its activities and engagement with the government.
“The Company recognises that its approach must be more targeted to addressing the needs of the government and the people of Bangladesh, and that the project must deliver significant sustainable benefits for the local community and the nation.”
It said the government is determined to improve the country's power generation situation and has recently called tenders for numerous coal-fired power stations based on imported coal and many more are planned.
The GCM said discussions with the government will now be particularly focused on four key areas.
These are that the Phulbari mine could produce coal sufficient to support up to 4000 MW of power generation. The Power produced using Phulbari coal would be cheaper than imported coal. Positioning power stations at the mine site would make power generation simpler and more reliable, obviating the need for shipping and associated coal handling and inland transport infrastructure; and utilisation of locally produced coal would create many thousands of Bangladeshi jobs as well as deliver foreign exchange and balance of payments benefits for the country.
It said as part of this approach the board is delighted to announce the appointment of Gary Lye as an Executive Director of the Company. Gary is GCM Resources' in-country Chief Executive Officer. He has well established relations with a wide variety of key stakeholders in Bangladesh and will take a lead role in discussions and negotiations with the government.
