Phulbari (GCM) Coal Mine

Basic Information

  1. Project Name: Phulbari Coal Mine
  2. Location: Phulbari Upazila, Dinajpur District
  3. Category: Open Pit Coal Mining and Power Station
  4. Land Acquisition: 14,660 Acres
  5. Project Period: 36+ Years
  6. Capacity: 572 Million Tonnes | 16 Million Tonne per year
  7. Estimated Power Generation: 6,000 MW
  8. Fuel: Domestic Coal (Minemouth)
  9. ESF Category: Undisclosed
  10. Industrial Category: Undisclosed

Executing Agencies

  1. Executing Company: Global Coal Management (GCM Resources), former Asia Energy
  2. Sponsor Company: Global Coal Management (GCM Resources) | Nonferrous Foreign Engineering and Construction Company Limited (NFC) | Power Construction Corporation of China (Power China) 
  3. Partners of GCM: Aurora Investment Trust, UK (3.19%) | Dyani Corporation Limited, Hong Kong (14.09%) | Fidelity Investments, USA (% unknown) | Kilkenny Limited, Malta (3.43%) | Luxor Capital Group (LCG) Holdings, USA (8.14%) | Luxor Capital Group (36.14%) | Oriental Eagle Group Limited, Tortola, British Virgin Islands (5.2%) | Polo Resources Limited, Tortola, British Virgin Islands (29.9%)
  4. Advisor of GCM: Strand Hanson Limited, United Kingdom
  5. Financing Company: Asian Development Bank (ADB): Cancelled
  6. EPC Contractor: Power Construction Corporation of China Limited (Power China)
  7. Technology Supplier: Undisclosed
  8. Coal Consultant: Dyani Corporation Limited, Hong Kong
  9. Local Consultant: DG Infratech Private Limited, Singapore (Muqtadir Ali, Independent Director, Lobbyist in Bangladesh)
  10. Power Feasibility Study-1: China Gezhouba Group International Engineering Co Limited (CGGC), a joint venture of China Gezhouba Group Corporation and China Energy Engineering Corporation Company Limited (CEEC)
  11. Power Feasibility Study-2: Sinohydro Corporation Limited, a Subsidiary of Power Construction Corporation of China (Power China)
  12. Insurance Company(s): Undisclosed 
  13. ESIA Consultant(s): Undisclosed

Financial Information

  1. Total Budget: USD 14.5 Billion
  2. Polo Resources Loan: GBP 3.5 Million (12% interest)
  3. GCM Capital, UK: GBP 38.217 Million
  4. Credit Suisse Group, Switzerland: Undisclosed
  5. Power China: Undisclosed

Important Dates

  1. Loan Agreement with Polo Resources: 3 February 2020 (GBP 3.2 Million)
  2. Extension of MOU with NFC & Power China: 17 April 2020 (up to 16 October 2020)
  3. Extension of MOU with NFC & Power China: 13 January 2020 (up to 12 April 2020)
  4. Extension of MOU with NFC & Power China: 11 July 2019 (up to 10 January 2020)
  5. EPC Contract Extended with Power China: 17 January 2020 (up to 16 January 2021)
  6. 2nd JV Agreement with Power China: 15 March 2019 (GCM 80%, Power China 20%)
  7. 1st JV Agreement Extended with Power China: 13 January 2020 (up to 16 January 2021)
  8. 1st JV Agreement with Power China: 17 January 2019 (up to 16 January 2020)
  9. Announcement of Joint Venture (JV) with Power China: 27 November 2018
  10. Extension of Agreement with Dyani Corporation: Undisclosed
  11. Agreement with Dyani Corporation Limited: 26 October 2018 (up to 30 June 2020)
  12. Establishment of GCM: September 2003
  13. Establishment of Asia Energy: 1998
  14. ESIA Report Approved by DOE: Undisclosed
  15. Land Acquisition: Undisclosed

Project Related Documents

  • Environmental & Social Impact Assessment (ESIA)
  • Environmental Monitoring Program (EMP)

Monitoring Reports


Media Clippings

  1. 14 Apr 2020: GCM Resources Extends Memorandum For Phulbari Project Development: Morning Star
  2. 25 Mar 2020: GCM Resources Loss Narrows As Focus Turns To Bangladesh Project: Morning Star
  3. 13 Mar 2020: Govt doubles coal mining royalties: the Financial Express
  4. 03 Feb 2020: GCM Resources Secures GBP 1.2 Million Increase To Polo Resources Loan: Morning Star
  5. 25 Nov 2019: GCM Resources Annual Loss Widens, Focus Remains on Bangladesh Project: Morning Star
  6. 27 Aug 2019: Find Alternatives to Coal, Gas: Says Anu Muhammad at Phulbari Day rally: The Daily Star
  7. 25 Aug 2019: Resistance against mining giants: from Phulbari to Amazon: Daily NewAge
  8. 11 Jul 2019: GCM Resources Signs Agreement For Phulbari Coal Project Development: the Morning Star
  9. 11 Jul 2019: GCM Resources signs agreement to develop its Phulbari Coal Mine: Voxmarkets.com
  10. 07 Nov 2018: Power China Delivers PFS Report on Phulbari Power Plants in Bangladesh: Power Technology
  11. 10 May 2017: Phulbari protesters give ultimatum to meet 6-point demands: the Dhaka Tribune
  12. 20 Nov 2016: 10 Years after Phulbari Massacre: Open Pit Coalmine in Bangladesh Remains Stalled: Cultural Survival
  13. 18 Nov 2016: GCM Resources remains positive for its Phulbari coal project: World Coal
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