Proactive Investors - Run By Investors For Investors
Market: AIM
52-week High/Low: 8.81p / 2.50p
Sector: General Mining - Coal
Market Cap: 8.03M
Address: Craigmuir Chambers, Road Town, Tortola, British Virgin Islands, VG 1110.
Polo Resources

Polo Resources

Polo Resources Limited (AIM: POL) is a globally focused natural resources and mine development investment company. We select, acquire and manage substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects, and utilise this ability to deliver value-adding returns.

Deal POL Tax Free* Losses can exceed
your initial deposit
*subject to change and depends on individual circumstances.

Polo Resources

Interactive graph

col 3
col 4
col 5
col 6

Big picture - Why invest in Polo Resources

Polo Resources Snapshot

The experienced management team that guides our strategic decisions specialises in the identification of under-valued investment opportunities – both listed and unlisted – that are either at an early stage in their operational development or have latent value that has yet to be realised.


Investment targets primarily fit into the category of companies with producing assets and/or reserves and resources that have been verified using internationally recognised reporting standards (such as NI 43-101).


Well financed, strategically experienced and backed by a core portfolio in the gold, oil & gas, coal, iron ore and phosphate sectors – large-scale investments include Nimini Holdings Limited (90%), Signet Petroleum Limited (42%), Regalis Petroleum Limited (8.32%), Equus Petroleum plc (1.95%), GCM Resources plc (27.8%), Ironstone Resources Limited (15.7%), Blackham Resources Limited (4.2%) and Celamin Holdings NL (12.7%) – Polo Resources is well poised to continue its development, to build upon its recent performance and to make further timely investments in a selection of value-adding natural resource opportunities.


Gold Projects, Sierra Leone

90% equity interest


Nimini is a gold exploration and mine development company with firm tenure over its Nimini Mining Licence and Matotoka Exploration Licence in Sierra Leone.

  • Two gold projects: Nimini, including the Komahun Gold Project (in the Kono district), and Matotoka (in the Tonkolili district)
  • Flagship Komahun Gold Project has Canadian NI 43-101 compliant Indicated Mineral Resources of 0.55 Moz gold and Inferred Mineral Resources of 0.34 Moz gold as at June 2013, at a cut-off grade of 2.4g/t
  • At a cut-off grade of 1.8g/t, a 21% increase in Indicated Mineral Resources and 60% increase in Inferred Resources at Komahun since the June 2012 MRE
  • June 2013 MRE based on total of 408 drill holes (94,319 metres of diamond drilling) and includes the results from an additional 163 diamond drill holes and four deflections (for a total of 55,250 m), completed after 20 February 2012, the effective data cut-off date for the June 2012 MRE (and detailed in an NI 43-101-compliant Technical Report filed on on 6 August 2012)
  • Environmental Impact Assessment Licence awarded in August 2012
  • Mining Licence awarded in November 2012 for an initial 25-year period, covers an area of 100 km2 (the total area previously covered by exploration licences), including the Komahun Project area
  • Preliminary Economic Assessment (PEA) will be based on the June 2013 MRE, with PEA technical inputs scheduled to be completed in Q3 2013. Publication date of the PEA Press Release in part dependent on outcome of discussions with the Government of Sierra Leone regarding the fiscal terms which will apply to this project
  • Situated along strike of the northern border of Amara Mining Plc’s Baomahun gold deposit (Indicated Mineral Resources of 2.24 Moz and Inferred Mineral Resources of 0.54 Moz), Matotoka is an 81-square kilometre early-stage exploration project, 100% owned by Nimini
For more information please click here
Oil & Gas Projects, Africa
44.90 % equity interest
The investment in Signet Petroleum is a central part of Polo’s strategy to increase its exposure to the oil and gas sector. The last 12 months have been a transformative period for Signet in which the company has acquired and interpreted 3D seismic data over Mnazi Bay (Tanzania), which has confirmed the substantial up-dip extension of the BG/Ophir Chaza-1 discovery well, acquired 2D seismic over block 2914B in Namibia, demonstrating significant prospectivity, and launched a process to examine strategic alternatives, which is being led by First Energy Capital LLP.
During 2012, Signet acquired 110 square kilometres of high quality 3D seismic data over the offshore Mnazi Bay North Block, Tanzania. This new data, in addition to the 2D data acquired in 2011 provides a very strong indication of the up-dip extension of the BG/Ophir Chaza-1 discovery drilled by the Ophir on behalf of the BG/Ophir consortium on the Signet/BG/Ophir block boundary in 2011 as well as a number of additional prospective targets.
The company is well positioned as an early development opportunity for the domestic energy market (unsatisfied domestic demand for natural gas is estimated at over 500 mmscf/d).
The new Mtwara to Dar es Salaam Gas Pipeline project was inaugurated by the Government of Tanzania on 21 July 2012. The 532-kilometre pipeline will link the Mnazi Bay gas field to Tanzania’s largest city. Construction is underway and is expected to take 12-24 months to complete.
Natural gas will be transported to large-scale electricity producers, other industrial users and major population centres in Tanzania.
Plans for a new Mnazi Bay 300MW gas fired power plant were announced by Government of Tanzania on 13 October 2011.
In late 2012, Signet acquired approximately 5,000 kilometres of 2D seismic data in Block 2914B where Signet holds a 75 per cent working interest. This data indicated a high degree of prospectivity with multiple prospects identified in a variety of geological plays.
Coal Projects, Bangladesh
27.80% equity interest
GCM has identified a world-class coal resource of 572 million tonnes (JORC compliant) in Northwest Bangladesh, called the Phulbari Coal Project (“the Project”). The Project is a substantial coal resource with potential to support a long life, low cost mining operation and is the only such deposit in Bangladesh that has been subjected to a full Feasibility Study, including an Environmental and Social Impact Assessment prepared to international standards. The Project has the potential to produce high quality export grade coal at competitive average stripping ratios and low operating costs, for an initial estimated 35 year mine life. GCM has recently had a change of management and since then raised funds via a share placement in which Polo participated.
Over the next 12 months GCM will continue in discussions with the Government of Bangladesh to progress the Project.
For further information visit:
Iron Ore, Vanadium and Precious Metals Projects, Canada
15.16% equity interest
In December 2010 the Company made a US$7.90 million investment followed by a further US$4.91 million in March 2011 in Ironstone, a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project ("Clear Hills") in Alberta, Canada.
Currently the Clear Hills NI 43-101 compliant resources are categorised as follows:
Indicated: 557 million tonnes iron, with an average grade of 33 per cent of iron 1.45 billion pounds of vanadium (as vanadium pentoxide)
Inferred: 96 million tonnes of iron, with an average grade of 33 per cent of iron
Ironstone is continuing its work on defining the Hatch-Ironstone Chloride Segregation process for the Clear Hills Project. Pilot testing has been completed through ore preparation, calcination, iron reduction and iron segregation stages of the process flow sheet development with very encouraging results. Work at Hazen Research (Golden, CO) is currently focused on the mineral processing segment of the flowsheet in advance of piloting the process on commercial scale equipment.
Results from some iron reduction tests suggest an alternative process should be investigated that may potentially reduce both capital and operating costs, and shorten the development timeline to commercial start-up. Some preliminary testing to determine the technical feasibility of this alternative process is being conducted.
Following the positive results from the continuous pilot process campaign at Hazen Research achieved in the last quarter, Ironstone will be commissioning a PEA ahead of the major pre-commercial processing pilot campaign at FL Smidth (Bethlehem, PA), proposed for the second quarter 2014.
Phosphate, Tunisia
12.7% equity interest
Polo Resources holds a 12.7% equity interest in Celamin Holdings NL (Celamin), an ASX listed company holding phosphate interests in Tunisia.
Celamin will be advancing a bankable feasibility study on the Chaketma phosphate project. Phosphate mining has been undertaken in Tunisia for over one hundred years. There is good in-country phosphate expertise and extensive infrastructure to support the development of a mine and process plant to enable the export of phosphate rock.
Drilling to date has intersected thick mineralised zones averaging over 15 metres at favourable depths, outcropping at surface in places and at grades that generally exceed 20% phosphorous pentoxide (“P2O5”). Independent metallurgical studies have verified the potential to produce marketable concentrate acceptable to international offtakers.
Celamin holds an agreed 51% interest in the licences along with its Tunisian partner holding 49%.
For further information visit: 
For further information on investments visit:


Michael Tang (aged 40) Executive Co-Chairman and Managing Director

Mr. Tang is the principal of Mettiz Capital Limited (“Mettiz”), an investment company with significant corporate and financial experience in natural resources, power generation, manufacturing and real estate.  Mr. Tang qualified as a barrister in London and holds a Bachelor of Laws degree from the London School of Economics and Political Science.


Kian Meng Cheah (aged 40) Non-Executive Director

Mr. Kian Meng Cheah has more than 16 years banking and investment management experience with financial institutions in South East Asia including Standard Chartered Bank and Merrill Lynch International.  He has held a number of private company directorships in Singapore and Malaysia involved in private equity and real estate investment.  He is an Executive Director and a member of the Investment Committee of Infiniti Premium Resources Ltd., a fund focusing on resource-based industries with current investments in gold mines across Asia, Australia and Africa. Mr. Cheah holds no interest in the issued ordinary share capital of Polo.


Mr. Cheah is also an Executive Director of the Select Equity Growth Ltd. fund with a focus across diversified sectors in South East Asia, Hong Kong and Australia. He holds a Bachelor of Commerce (Accounting) from Curtin University of Technology, Australia.


Gary Lye (aged 61): Non-Executive Director

Mr. Lye has over 40 years’ experience in natural resources having held senior positions with several leading mining companies. He is currently CEO of Asia Energy Corporation (Bangladesh) Pty Ltd., operating subsidiary of GCM Resources plc where he is COO. From 1994 - 2003 he was with Kalgoorlie Consolidated Gold Mines Pty Ltd as manager of strategic mine development at their Super Pit operations in Kalgoorlie, Western Australia.


He has previously acted as Manager of Mining Research for CRA in Perth, Western Australia and spent many years with Bougainville Copper Ltd. in Papua New Guinea. Gary has a Master's Degree in Rock Mechanics from the Royal School of Mines in London and an Honours Degree in Geology from the University of Queensland, Australia. He is a member of the Australian Institute of Mining and Metallurgy (AUSIMM).

Major Shareholders

The Company's issued share capital consists of 276,940,309 Ordinary Shares of no par value (last updated 2 June 2014).

The Company does not hold any Ordinary Shares in Treasury.

As of 29 October 2014 the Company is aware of the following persons who hold, directly or indirectly, voting rights representing 3% or more of the issued share capital of the Company to which voting rights are attached:

Percentage of shares not in public hands
The percentage of the Company's shares not in public hands is 14.16%.

There are no restrictions on the transfer of the Company's AIM securities. Polo's shares are publicly traded on AIM (stock ticker - POL).

Polo Resources Limited

P.O. Box 38



South Africa 2157


Registered Office Address:

Craigmuir Chambers

Road Town, Tortola

British Virgin Islands VG 1110


T: +27 787 312 919

F:+27 (0) 86 537 0543

[email protected]


Investor Relations Contact:

Kudzayi Denenga

T: +27 787 312 919


Nominated Advisors

ZAI Corporate Finance Ltd

1 Hobhouse Court, Suffolk Street

London SW1B 4HH

United Kingdom



Liberum Capital

Ropemaker Place, Level 12

25 Ropemaker Street

London EC2Y 9LY

United Kingdom


Solicitors to the Company as to Canadian Law

Borden Ladner Gervais

Scotia Plaza 

40 King Street West 

44th Floor

Toronto, Ontario, Canada

M5H 3Y4 


Solicitors to the Company as to BVI Law

Harney Westwood & Riegels LLP

Ground Floor

5 New Street Square

London EC4A 3BF

United Kingdom


Auditors and Reporting Accountants

Chapman Davis LLP

2 Chapel Court

London SE1 1HH

United Kingdom


Principal Bankers

HSBC Bank plc

PO Box 14

St. Helier

Jersey JE4 8NJ

Channel Islands



Computershare Investor Services (Jersey) Limited

Queensway House

Hilgrove Street

St Helier

Jersey JE1 1ES

Channel Islands



Computershare Investor Services Plc

P O Box 82

The Pavilions

Bridgwater Road

Bristol BS99 6ZY

United Kingdom

Polo Resources Timeline



Market Reports


© Proactive Investors 2015

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.