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GCM Resources PLC (GCM)

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Friday 14 June, 2013

GCM Resources PLC

Complaint to the OECD

RNS Number : 0907H
GCM Resources PLC
14 June 2013
 



14 June 2013

 

GCM Resources plc

(the "Company" or "GCM Resources")

(AIM:GCM)

 

Complaint to the OECD

 

GCM Resources plc ("GCM" or the "Company"), a London based resource exploration and development company, previously advised on 20 December 2012 that a complaint had been lodged by activist groups against the Company, alleging the breach of OECD Guidelines for Multinational Enterprises. GCM submitted its first response to the National Contact Point ("NCP") of the OECD on 4 February 2013 and have since continued to provide information requested.

 

GCM advises that after initially assessing the complaint the NCP has decided to investigate some of the claims further. 

 

The Company has consistently maintained that the Phulbari Coal Project (the "Project") is planned to enhance the human rights for the people of the Dinajpur area as well as the Bangladesh population. Upon development, the Project would support up to 4000MW of power generation for the country, significantly increasing the electricity availability for the country. The additional electricity would drive economic and social development and help Bangladesh towards meeting its Millennium Development Goals.

 

GCM maintains its commitment to develop the Project in alignment with the highest international and national social and environmental standards. Extensive studies have been conducted into the potential impacts of mining and associated activities, and plans have been prepared in accordance with the highest international standards to mitigate any adverse impacts and at the same to magnify the potential benefits, such as improved water quality and living conditions.

 

Gerard Holden, Chairman commented:

"While we are disappointed by the decision of the NCP to investigate some aspects of the complaint further, we are confident that through the OECD process GCM will be able to fully address any concerns and demonstrate that the Project is compliant with international standards."

 

 

For further information:

 

GCM Resources plc

Gerard Holden

Non-Executive Chairman

 +44 (0) 20 7290 1630

 

Pelham Bell Pottinger

Lorna Spears / Joanna Boon

+44 (0) 20 7861 3232

 

 

J.P. Morgan Cazenove

Nominated Adviser

Michael Wentworth-Stanley

+44 (0) 20 7742 4000

Investec Investment Banking

Chris Sim

+44 (0) 20 7597 4000

 

 

 

GCM Resources plc


Tel: +44 (0) 20 7290 1630, Fax: +44 (0) 20 7290 1631


[email protected]; www.gcmplc.com


 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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