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GCM Resources shares jump on Phulbari coal/power project deal

GCM Resources Plc's share price jumped nearly 19% in noon trade in London after it announced a joint development agreement for the Phulbari coal and power project in Bangladesh with China Gezhouba Group International Engineering Co. Ltd.

According to a March 9 release, China Gezhouba Group will invest up to 30% in the power plant and will facilitate financing for the plant with assistance from GCM Resources.

The company signed a memorandum of understanding with a China Gezhouba Group subsidiary in November 2016 for a potential joint venture, aiming to assess the development potential for minemouth coal-fired power plants generating up to 2,000 MW at the Phulbari property.