Asia Energy to Wait Govt Approval of Phulbari Coal Mine Project

UNB Tuesday, 04.08.2008, 01:49pm (GMT)

GCM Resources, parent company of Asia Energy that developed the Phulbari Coal Mine Project, said they would continue to wait for approval of the project by the government of Bangladesh.

It said financing arrangements (equity and debt) for the project will be made once the project is approved.

The statement of GCM Resources came in response to ADB that viewed it is too early for talk with Asia Energy about financing of the project.

Regarding its participation in the project ADB has recently said it would wait for government decision how to proceed in harnessing the energy resources including extraction of coal from Phulbari mine.

They will monitor the situation on the ground with full sensitivity to local conditions, said ADB adding, “We think it is premature to continue dialogue with the private sector under the current circumstances.”

GCM Resources said the Phulbari Coal Project is currently being reviewed by the government and they would wait for its decision.

It felt that ADB has been undertaking due diligence for its possible participation in the project.

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