GCM Resources narrows half-year losses

24th Jan 2014 15:05

GCM Resources narrowed its half-year losses as the miner cut administrative costs by more than a half. The company reported a loss after tax of £518,000 for the six months through December, compared to a loss of £2,1m a year earlier. Administrative expenses dropped to £343,000 from £564,000. The company is yet to make revenues as it works on its flagship project - the Phulbari coal project in Bangladhesh.The company said it is engaging with the re-elected Bangladesh government for approval to proceed with the project."The Bangladesh national elections were held on January 5th leading to a second term of office for the Awami League Government. The company looks forward to discussions on the project with the Bangladesh Government in the very near future," the firm said.Shares rose 0.75% to 16.75p at 15:30 on Friday.RD