29th Mar 2019 10:57
LONDON (Alliance News) - GCM Resources PLC on Friday said its loss in the first half of its financial year was narrowed marginally as costs were reduced compared to the previous year.
For the six months to the end of 2018, the mining and energy firm focused on Bangladesh posted pretax loss of GBP1.8 million compared to GBP1.9 million a year prior.
Pre-development costs decreased to GBP1.4 million from GBP1.5 million, while exploration & evaluation costs fell to GBP14,000 from GBP22,000.
Administrative costs however rose to GBP335,000 from GBP290,000.
"Over the coming months, the GCM team is looking forward to progressing negotiations with a large international coal mining company to partner with the company in mine development, to work with its partners to finalise the submission to the government, and then consult with the government to finalise an agreeable proposition which is amenable to all parties," Chair Datuk Michael Tang said.
"The company's strategy is to deliver a breakthrough long-term sustainable project for the government and people of Bangladesh, providing the lowest cost electricity in the country by combining the company's coal mine proposal with mine mouth power plants generating 6,000 megawatts and at the same time ensuring quantifiable social, environmental and economic benefits."
GCM shares were trading 3.7% higher at 29.30 pence each.
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