Sunday, Apr 20th

Last update01:27:59 PM GMT

You are here::

GCM’s AGM in London today Looks for new strategy for Coal Dev

E-mail Print PDF

Staff Reporter
The London-based GCM Resources of Phulbari Coal project is holding its Annual General Meeting in London today (4th December) for fixing future strategy of coal energy development. GCM Resources-the mother company of Asia Energy Bangladesh has reconstituted its board removing all Briton from inducting few Malaysian tycoons. The company is hoping final approval for much talked Phulbari Coal Project. On the other hand, protesters are ready organize a demonstration against open pit mine outside the AGM venue as part of their continuous protest for Bangladeshi coal mining for power generation, sources said.
The AGM will be held at Hamilton Place, London at 11 am today. GCM has cut its Bangladesh Operation significantly increasing presence in the field area and constituted its board with Malaysian businessman. Shareholders are looking for a new initiative from the new management. Especially appointing Michel Tang as executive Chairman &  Dato' Md Wira Dani Bin Abdul Daim as director attracted general shareholder’s attention. With Mr Tang and Mr Daim, Malaysians have become dominant factor in the three-member board of directors, following the recent reconstitution retained another Briton Guy Elliott as a member of the board.
Sources Said, under the leadership of Malaysian business tycoons, the GCM is eyeing to rearrange its strategy in winning the much awaited final node for commercial exploration of the proposed Phulbari coalmine located in four Upazilas of south Eastern Dianpur.  .
On the occasion, Michel Tang the Executive Chairman of GCM, said in his Message to all stakeholders ‘the Board believes the best route to achieving approval  is to present the project in a way that is agreeable to the Government of Bangladesh. To this end our strategy is to continue Government advocacy, strengthen ties with the local community and consider appropriate alliance or partners which may aid the approval process’.
On the other hand, Protester and campaigner against the project are ready organize demonstration outside the AGM Venue in London to attracts media attention. National & International NGO and campaigner are working against mining in Bangladesh, especially the open pit mining.

Share this post