GCM Resources disposes of stake in Polo Resources

London-based mining company GCM Resources announced Friday it sold its investment in Polo Resources.

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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