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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Shein shifts IPO focus to Hong Kong
The development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?
Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon