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GCM Resources announces 2013/14 results

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World Coal,

GCM Resources, the developer of the Phulbari Coal Project in Bangladesh, has released its preliminary results for the year ending 30 June 2014, reporting loss of £1.3 million (US$2.05 million). This is down from a loss of £3.2 million (US$5.04 million) in the previous financial year.

Project-related expenditure was £800,000 (1.26 million) compared to £1.9 million (US$2.99 million) 2013.

“During the past twelve months, Bangladesh has gone through a period of considerable change,” said Michael Tang, chairman of GCM. “Throughout 2013 the country was dominated by the political activity leading up to the national election, which was held on 4 January 2014.” As a result, the company undertook as “substantial coast-reduction exercise”, resulting in 60% less cash spend than the previous financial year.

“It has been very encouraging to see the positive steps that have been taken [since the election], including the government’s commitment to an increase in power production to 16 GW by 2016 and 24 GE by 2021,” Tang continued.

"[GCM] has continued its advocacy with government ministers and officials in communication how the Phulbari Coal Project can complement the objectives of the government and promoting the national and regional benefits that the project would deliver.”

Looking forward, Tang said the company would continue with its advocacy for the project, as well as working to build a relationship with the project-affected communities.

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