THE PHULBARI COAL AND POWER PROJECT

The proposed Phulbari Energy Park is rich in natural energy resources capable of supporting over 2,000MW of Solar Power and 6,600MW of thermal power. Perceived as a groundbreaking and forward thinking project to deliver affordable and sustainable energy solutions to the people of Bangladesh, it has been lauded as offering a template for developing economies to grow and utilise local resources in a more sustainable and eco friendly manner.

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GCM Resources has entered into a $1billion EPC contract with Power China to facilitate the design, procurement, installation of the mine and its' infrastructure to extract the coal and overburden at the Phulbari Coal and Power Project.

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In August 2024, after student led demonstrations , and the loss of an estimated 1400 lives, the 15 year autocratic rule of the Awami led Government came to an end and an Interim Government was installed. Ongoing investigations into many of the State Institutions have revealed widespread cronyism, corruption and criminality, especially in the Energy sector. 

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Despite the Phulbari Project being a secure and cost-efficient solution for the countries’ energy needs, it is now apparent why the project, and its independent industry renowned feasibility studies, never saw the light of day. A  campaign was devised and enacted by those in power to spread falsehoods about the impact of Open Pit mining for both the region and the country. It has since been revealed how an''import all'' policy was adopted to line individuals’ pockets on a massive scale, the extent of which has not fully come to light, but has driven the country towards near bankruptcy. 

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It has been widely reported  in the Bangladesh Press about the satisfaction and benefits, as perceived by both local communities and businesses, of the coal fired projects at Matabari and Rampal. The Phulbari Project will have huge benefits both locally and alongside the industrialisation and development of Northern Bangladesh and the Country as a whole. The Asia Energy office in Phulbari has over 70 local Community Liasson Assistants  working within the surrounding  communities to elaborate and educate on the benefits and realities of the Project and keep the company in touch and aware of any local concerns that need to be addressed.

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The Interim Government has stated it is working towards both creating an environment for free and fair elections and a country where corruption and cronyism are no more. Elections will be held  on 12th February 2026  to elect a new Government.  The major contenders in the election race have all been vocal about creating a corruption free energy sector and moving away from import dependence through utilising the countries own resources, including coal, and after years of being sidelined, developing and industrialising Northern Bangladesh .

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GCM Resources' wholly owned subsidiary, Asia Energy Corporation, is the licence holder for the Phulbari Project. The contract  involved UNDP participation, on behalf of the then Government, to ensure transparency. Power  China is a development partner and has already signed a EPC contract for Mine Development and Overburden Stripping for the planned open pit coal mine. This combination of major stakeholders are ready to work with the Incoming Government to assist in getting the energy sector on track to provide affordable, locally produced energy for the country.  Asia Energy continues its work with Power China and the Ministry of Power, Energy and Mineral Resources to further develop the plan and timeline for the incoming governments expeditious implementation of the Project