GCM Resources disposes of stake in Polo Resources

1st Feb 2013 09:31

London-based mining company GCM Resources announced Friday it sold its investment in Polo Resources. The group's 74.8m shares in Polo, representing a 2.7% stake, were sold as one block to an undisclosed Malaysian investor for £1.9m.GCM made a total return, including dividends, of £2.8m on its original investment. The news comes after the resignation of Director Graham Taggart, reported Wednesday. GCM is engaged in the development of the Phulbari coal project in Bangladesh.Shares fell 0.79% to 31.50p at 09:43 Friday.RD

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