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 aiming 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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In March  2024 GCM resources announced it had entered into a $1billion contract with Power China to facilitate the development works to extract the coal and overburden at the Phulbari Coal and Power Project.

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In August 2024, after student led demonstrations saw the loss of over 700 lives and 20,000 injured, the 15 year autocratic rule of the Awami led Government came to an end. 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. Instead, 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. Recent Press articles have revealed how an''import all'' policy was adopted to line individuals’ pockets on a mind-boggling scale, the extent of which has not fully come to light, but has driven the country towards near bankruptcy. 

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The Interim Government is working towards both creating an environment for free and fair elections and a country where corruption and cronyism are no more. It is aiming for a transparent, corruption free energy sector and is vocal about involving all stakeholders in the process.

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GCM Resources' wholly owned subsidiary, Asia Energy Corporation, is the licence holder for the Phulbari Project. PowerChina is a development partner and has already signed a 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 Interim Government to assist in getting the energy sector on track to provide affordable, locally produced energy for the country.

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