Its major asset and goal is to exploit open cast coal mining opportunities in the Phulbari region of Dinajpur District, Bangladesh.
[4] Opponents in Bangladesh and an alliance of groups in London have protested the plans for open-pit mining in the Phulbari region, because of adverse environmental and social effects.
Protesters have said such a mine would endanger an important food-producing region, as well as the quality of the water supply depended on by tens of thousands of people.
[5] On 30 August 2006 six protesters were shot dead, allegedly by paramilitary forces, and 300 were injured when a crowd of 30,000 people stormed the local offices of Asia Energy.
Gary Lye, chief executive of Asia Energy Corporation (Bangladesh) Pty Ltd, was quoted as saying, "It is up to the authorities to determine exactly what happened, but it would appear that the unforgivable events and the needless loss of life and suffering that took place yesterday in Phulbari are entirely the fault of the organisers (of the protest)".
On news of the withdrawal of mining rights, shares in Asia Energy crashed, falling from 284p to 117.5p in a single day.
In view of this, the shares of Asia Energy were suspended from trading on the AIM Market at 08:40 hrs (BST) this morning.
[4] The AIM-listed company has subsequently changed its name to GCM Resources plc, and has invested in coal and uranium projects in other countries.