LONDON (Alliance News) - GCM Resources PLC Wednesday said it will continue to advocate the development of its Phulbari coal project with the government of Bangladesh, and continue to look for other investment opportunities.
The exploration and development company posted a pretax loss of GBP1.3 million for the year to end June, narrowed from a loss of GBP2.7 million a year before, as it cut down operating expenses. GCM is not yet revenue producing.
GCM said that whilst reducing costs had been a key focus, it has also ensured it has the necessary expertise and resources to continue pursuing approval for the project.
It has been working with the government of Bangladesh to communication how the project can "can promote national and regional benefits, as well as supporting the government's plans to restructure the country's energy supply."
Shares in GCM closed up 5.1% at 26.00 pence Wednesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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GCM Resources (GCM)