24th Nov 2015 14:33
LONDON (Alliance News) - Resources investment company GCM Resources PLC on Tuesday said its loss narrowed on lower costs in the year to the end of June, as it remains confident on its Bangladesh-based coal project.
The company said its pretax loss for the year to the end of June was GBP937,000, compared to a GBP1.3 million loss a year earlier. The narrowing was down to lower exploration costs and less share-based payments. GCM does not generate any revenue.
The company, which is behind the Phulbari coal project in Bangladesh, said it has been a difficult year for junior mining companies given the tough conditions in the global commodities market.
GCM remains confident on the outlook for its operations, saying Bangladesh is one of few countries in the world where coal demand is expected to rise as the local government restructures its power system towards coal.
Shares in GCM were down 1.6% to 7.5 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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