GCM Resources PLC on Friday noted the recent share price increase in the past 3 days amid reports of coal supply shortages and ‘significant’ power load shedding in Bangladesh.

GCM shares fell 5.6% to 4.25 pence each in London on Friday around midday. They are up 44% over the past 5 days, however.

The resource exploration and development company is focused on the Phulbari coal and power project in north-west Bangladesh.

GCM said that in Bangladesh there is a ‘suggested move towards developing and extracting coal from its own domestic mines, rather than rely predominantly on imported coal.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.