Business
Preliminary results announcement
Preliminary results announcement.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7542N GCM Resources PLC 07 September 2011 \n \n\nGCM Resources plc \n(AIM:GCM)\n7th September 2011\n \nPreliminary Results for the twelve months ended 30 June 2011\nGCM Resources plc (GCM) is a London based resource exploration and development company. Its principal asset is its undeveloped coal deposit in the Phulbari region of Bangladesh, the development of which is awaiting approval from the Government of Bangladesh.\nKey Developments\n \n· The Bangladesh Government has consulted widely both in Bangladesh and overseas. International development agencies and experts including Non-Resident Bangladeshis have recommended that the country move to developing its domestic coal reserves in order to address its growing energy needs. There now appears to be a widespread consensus amongst the country's politicians and government officials that large scale coal mining should go ahead.\n \n· GCM has continued to be in discussion with potential development partners, favouring those who can augment the Company's skills in power development, marketing and logistics, a strong political network, experience of developing substantial projects and/or economies of scale with other mining operations. Discussions have also been held with companies who can contribute to the economic development of the Phulbari region.\n \n· As at 30 June 2011 GCM held cash of £0.5 million (2010: £0.9 million) and listed equity investments of £18.0 million (2010: £21.8 million). As of 6 September 2011 GCM held cash and listed equity investments of £15.6 million.\n \n· The Group made a profit after tax of £2.3 million for the year to 30 June 2011 (2010: loss of £3.2 million). Evaluation costs relating to the Phulbari Coal Project were £3.0 million for the year to 30 June 2011 (2010: £3.2 million).\n \n· GCM disposed of its holding in Aura Energy Limited and its interest in the Aura/GCM joint venture for combined cash consideration of £1.7 million and received a cash dividend of £2.2 million from Polo Resources Limited.\n \nThe Chief Executive's Statement, Income Statement, Statement of Comprehensive Income, Stat...