Polo holds a 29.83% interest

in GCM Resources plc (“GCM”) (AIM:GCM), a London-based resource exploration company with operations in Bangladesh. Its Phulbari Coal Project is poised for development once the Government of Bangladesh provides approval.

GCM has established a world class coal resource of 572 million tonnes (JORC compliant) near the town of Phulbari in North West Bangladesh. The growing domestic market and proximity to expanding Asian markets adds to the Project’s competitive advantage and economic sustainability. High quality thermal coal represents 63% of the resource with low ash metallurgical coal, also known as semi-soft coking coal making up 21%.

The Phulbari Coal Project

• Export quality thermal and semi-soft coal with a JORC compliant resource of 572mm tonnes
• Estimated mine life of 30 years with full production at 15 mm tonnes
• Potential to install up to 1000 MW of coal fired power generating capacity at the mine site