Polo Resources Limited ORD NPV (DI)
12 Mar 2018 07:00:04
Polo Resources Ltd
RNS Number : 3361H
Polo Resources Limited
12 March 2018
12 March 2018
POLO RESOURCES LIMITED
(“Polo” or the “Company”)
GCM RESOURCES PLC - INVESTMENT UPDATE
NEXT STAGE AGREEMENT WITH PARTNER FOR PHULBARI COAL AND POWER PROJECT
Polo Resources Limited (AIM: POL), the multi-sector investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium, is pleased to announce that its investee company, GCM Resources Plc (“GCM”) (AIM: GCM) has agreed a Joint Development Framework Agreement with its strategic partner China Gezhouba Group International Engineering Co. Ltd (“CGGC”).
CGGC is an internationally recognised engineering company with infrastructure projects across the world. Its parent, China Gezhouba Group Corporation (en.gzbgj.ceec.net.cn) is a core member of China Energy Engineering Group Co Ltd, a super central state-owned enterprise, and employs approximately 40,000 people.
The Joint Development Framework Agreement outlines the parties’ roles and responsibilities in pursing approval of the Phulbari Coal and Power Project, including a commitment by CGGC (or its affiliate or investment partner) to invest up to 30% in the power plant, subject to approval by Chinese authorities, with GCM holding the balance of interest. Under the agreement CGGC undertakes to facilitate financing for the proposed power plant with GCM’s assistance.