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Polo Resources Ltd (POL)

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Tuesday 09 April, 2019

Polo Resources Ltd

Celamin Holdings Ltd - Investment Update

RNS Number : 6492V
Polo Resources Limited
09 April 2019
 

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

 

9 April 2019

 

 

 

Polo Resources Limited

 

("Polo" or the "Company")

 

 

CELAMIN HOLDINGS LTD - INVESTMENT UPDATE

 

Polo Resources Limited (AIM: POL), the multi-sector investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium, hereby presents a presentation published by its 18.40% investee company Celamin Holdings Limited ("Celamin") (ASX: CNL).

https://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=CNL&timeframe=D&period=W

The presentation includes the legal matters in relation to the fraudulent transfer to Tunisian Mining ("TMS") Services of Celamin's 51% interest in Chaketma Phosphates SARL ("CPSA"), the operating company that holds the Chaketma phosphate permit. Celamin has received confirmation that the Court of Appeal of Tunis has issued orders enforcing both the interim and final arbitration decision, ordering, amongst other matters, the return of Celamin's interest in Chaketma and payment of over US$4m in damages and costs plus interest. The presentation also includes the potential application of exciting new processing technology and also details regarding the Zinc and Lead prospects.

Following enforcement allowing Celamin to recover control of the Chaketma Phosphate Project Celamin plans to:

·     Introduce an international partner to facilitate funding discussions;

·     Commence a feasibility study to determine the viability of producing either rock phosphate or chemical fertiliser

Celamin is contemplating two development options all in the backdrop of a rising Rock Phosphate price:

Rock Phosphate Export Mine

·     Significant work already confirms potential for simple rock export operation.

·     2012 Scoping Study13 to be updated with revised metallurgy from 2014 test work14.

PyroPhosTM Process Route

·     Integrated chemical fertilizer project producing lowest quartile DAP.

·     Minimal water use.

·     Saleable inert waste product Scoping Study to be completed.

 

The full details of theses announcement can be found at http://www.celaminnl.com.au/.

 

 

For further information, please contact: 

  Polo Resources Limited

  - Kudzayi Denenga, Investor Relations

+27 (0) 787 312 919

 

 

  Allenby Capital Limited (Nominated adviser & broker)

  - John Depasquale

+44 (0)20 3328 5657

 

 

 

 Blytheweigh (Public relations)

  - Julia Tilley, Fergus Cowan

+44 (0) 207 138 3204 

 

About the Company

 

Polo Resources Limited is a multi-sector investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo, please refer to: www.poloresources.com.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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