GCM Resources says unaware of reason for share price spike

GCM Resources said it was not aware of any reason for the recent spike in its share price.

In a statement, the company said it remained “wholly focused on pursuing the necessary approval from the government of Bangladesh for the Phulbari coal project to proceed with the next stage of development”.

"The directors are confident that an agreement can be reached which satisfies the objectives of both the government and the company,” GCM said.

"The directors of GCM Resources... have noted the recent rise in the price of its shares. They are not aware of any disclosable price sensitive information in relation to the company which has not already been made public."

GCM shares were up 9.9% to 5.08p aT 1547 BST.