Tuesday, July 8, 2008

Barclays sells shares in GCM Resources Plc

World Development Movement (WDM), July 7, 2008. London, UK

In June 2008 Barclays Bank sold its shares in GCM Resources Plc – a British company that is pushing through the building of a controversial mine in Bangladesh. A mine that, if built, will displace 40,000 people and threatened the water supply of a further 100,000. This move comes just two months after the Asian Development Bank removed financial banking from the controversial project, further placing the project in jeopardy.

WDM has spearheaded the UK campaign to stop the Phulbari mine project going ahead. Thousands of WDM supporters wrote to Barclays demanding that it sold its shares and WDM campaigners also attended Barclays AGM, demanding the same.

Tim Jones, policy officer at the World Development Movement said: “We are pleased to see that Barclays has sold its shares in GCM Resources Plc. And we now want Barclays, and other UK banks to remove all financial involvement in the project both now in and in the future. This is yet another blow for GCM and a victory for some of the poorest people in Bangladesh”.

WDM will continue to campaign to prevent the mine from being built more…

Take Action:www.wdm.org.uk/bangladeshmine

Kate Blagojevic
Press officer, World Development Movement
0207 820 4900/4913, 07711 875 345