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GCM Resources says OECD investigation findings mostly in its favour
Author: Sam Unsted, Alliance News, Published on: 19 November 2014
"GCM Shares Jump As OECD Investigation Findings Mostly In Its Favour",
GCM Resources PLC on Thursday said the Organisation for Economic Cooperation and Development's investigation of the company has been finalised and released, with the majority of the rulings in the company's favour....Six alleged breaches of OECD guidelines by the company regarding the Phulbari coal project in Bangladesh were rejected by the organisation's UK National Contact Point, with only one ruled as a partial breach, which related to GCM's reduced communications with local communities between 2006 and 2012. In December 2012, activist groups lodged a complaint against GCM Resources alleging it had breached the OECD guidelines for multinational companies with its plans for the developing the Phulbari coal project in Bangladesh...GCM defended its plans at the time of the complaint, saying they will enhance the human rights for the people of the Dinajpur area as well as the Bangladesh population because the project will support up to 4,000 megawatts of power generation for the country. It said it had extensively studied the potential impact of mining at the site, and prepared plans to mitigate any adverse impact while providing benefits, such as improved water quality and living conditions.