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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.

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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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