(Alliance News) - GCM Resources PLC on Friday noted the recent share price increase in the past 3 days amid reports of coal supply shortages and "significant" power load shedding in Bangladesh.
GCM shares fell 5.6% to 4.25 pence each in London on Friday around midday. They are up 44% over the past 5 days, however.
The resource exploration and development company is focused on the Phulbari coal and power project in north-west Bangladesh.
GCM said that in Bangladesh there is a "suggested move towards developing and extracting coal from its own domestic mines, rather than rely predominantly on imported coal."
By Tom Budszus, Alliance News reporter
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GCM Resources (GCM)