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Polo Resources was incorporated and registered in the British Virgin Islands on 23 May 2007 for the purpose of making investments and/or acquisitions in the natural resources sector. Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. 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.

Craigmuir Chambers, Road Town, Tortola, British Virgin Islands, VG 1110.
Super Sector:
General Mining - Coal
General Financial
Specialty Finance
EPIC / Symbols:
*subject to change and depends on individual circumstances.

Polo Resources RNS Press Releases

  • Page 1 of 78

Polo Resources Articles, News, and Media Files

  • Page 1 of 6

Broker press

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  • 21/09/11

    Press: 21.09.11: -1.90, (4.00) Press: Polo Resources fell after it traded ex-entitlement to a 2p special dividend related to its sale of... read more

  • 20/09/11
    +0.14 +5.90

    Press: Polo Resources rose amid rumours it could be about to dispose of its 29.82 per cent holding in GCM Resources , which is developing the... read more

  • 12/09/11
    +0.06 +5.41

    Press: Polo Resources rose after it announced its shares would trade without entitlement to a special dividend of 2p a share next week. In... read more

  • 06/09/11

    Press tip: 06.09.11: -0.05, (5.24) Press tip: Polo Resources invests in mines and other natural resources assets at an early stage in their... read more

  • 16/08/11
    +0.25 +5.16

    Press: Polo Resources rose following confirmation it will pay shareholders a 2p-a-share special dividend on completion of the disposal of its... read more

Director dealings

  • Page 1 of 12
Date Director Trans Amount Type Price(p) Value (£) Holding %
14/05/13 S.R. Dattels SELL 31,738,775 ORD 40.00 12,695,510 10,759,592 3.92
14/05/13 M.V.M. Tang BUY 31,738,775 ORD 40.00 12,695,510 39,218,775 14.55
11/07/12 S.R. Dattels BUY 4,000,000 ORD 2.60 104,000 228,040,835 9.94
22/06/12 N.L. Herbert BUY 2,000,000 ORD 2.58 51,600 85,385,625 3.72
04/05/11 N.L. Herbert BUY 2,000,000 ORD 5.75 115,000 81,385,625 3.48


  • Page 1 of 3
Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/12/13 Interim 0.00 -2.53 -1.02 0.00 USD
30/06/13 Full year 0.00 -16.18 -6.49 0.00 USD
31/12/12 Interim 0.00 -8.77 -0.38 0.00 USD
30/06/12 Full year 0.00 7.31 0.31 0.00 USD
31/12/11 Interim 0.00 8.74 0.38 0.00 USD


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Currency Ex-Date Pay Date Net Dividend Currency Total for year
Special Dividend 18/08/10 27/08/10 3.0000 GBX

Company Statement

Polo Resources (AIM and BSX: POL) is a natural resources investment company that manages substantial holdings in companies and projects offering strong growth and value enhancement potential.


Polo’s experienced management team has a proven track record in the identification of under-valued investment opportunities; both in production and pre-production, listed and unlisted. Large-scale investments include Nimini Holdings Limited (90%), Signet Petroleum Limited (48.21%) and GCM Resources plc (29.80%).


Well financed, strategically experienced and backed by a strong portfolio in the gold oil & gas, coal and iron ore sectors, Polo Resources is well positioned to build upon its success in developing its portfolio and returning value to shareholders. 


Current Operations


Gold Projects, Sierra Leone

90% equity interest

  • Two high-grade gold projects in Sierra Leone: Nimini Hills East and West and Matotoka
  • Flagship Komahun Gold Project has NI 43-101 compliant Indicated Resources of 110,000 ounces gold and Inferred Resources of 435,000 ounces gold (SGS Canada Inc. estimate, 2012)
  • Exceptional results obtained from the Q4 2011 diamond drill programme (3,332 metres)
  • US$2 million drill programme on-going, tsrgeting 1 million ounce gold resource at Komahun
  • Pre-Feasibility Study at Komahun scheduled for completion in Q1 2013
  • Plinian Capital appointed to manage and direct exploration, development, administrative and production activities
  • Sierra Leone is stable and encourages mine development

For more information please click here

Oil & Gas, Africa
48.21% equity interest

Signet Petroleum is an independent oil exploration company focused on acquiring and developing high impact exploration assets in Africa. Four highly prospective assets have already been acquired, in Benin, Burundi, Namibia and Tanzania, and the Company is actively pursuing additional assets in other African focus countries.

Signet has acquired a 90 per cent shareholding interest in Signet Petroleum Benin, a company that entered into a petroleum contract with the Republic of Benin for the exploration and exploitation of hydrocarbons in offshore Block No. 3 on 15 July 2011. Block No. 3 covers an area of 2,863 square kilometres in the hydrocarbon bearing Dahomey Embayment. Within Block No. 3, there are three major sandstone reservoirs all of which have been penetrated in the Seme field in neighbouring Block No. 1 located to the east. 

In February 2011, the Brazilian state oil company Petrobras acquired a 50 per cent interest in Block No. 4 located to the south adjacent to Block No. 3 offshore Benin.

Signet has acquired rights to an 87.5 per cent shareholding interest in Minergy RE (Rare Earths) Limited, which entered into a petroleum contract with the Republic of Burundi for the exploration of hydrocarbons in Block C in Lake Tanganyika on 21 May 2011.

Block C covers an area of 658.1 square kilometres. Lake Tanganyika lies on the western branch of the East African Rift System. The exploration area in Burundi includes the Rusizi and Lake Tanganyika basins and has been divided into four blocks, of which Block C is one. Block A located in the Rusizi basin was awarded in May 2011 to A-Z Petroleum Ltd. The other two blocks, Block B and D, are owned by Surestream Petroleum Limited.

In August 2011, Total SA was granted the Lake Tanganyika North Area license following a competitive bid process in which nine companies applied.

On 17 June 2011, Signet entered into a petroleum agreement with the Government of the Republic of Namibia in relation to Block 2914B which gave Signet a 75 per cent interest in the block. On 19 August 2011, petroleum exploration licence no. 0039 was issued to Signet and its partners in relation to Block 2914B, which comprises an area of 12,299 square kilometres. 

Block 2914B is located in the highly prospective Orange Basin to the southwest of the Kudu gas field (estimated proved and prospective reserves of over 6 trillion cubic feet) operated by Tullow Oil plc. Block 2914B is also adjacent to blocks operated by HRT Participações em Petróleo S.A.

Signet holds an 80 per cent shareholding interest in Hydrotanz Ltd (“Hydrotanz”), a company incorporated in Tanzania. Hydrotanz entered into a production sharing agreement with the United Republic of Tanzania and the Tanzania Petroleum Development Corporation pertaining to the North Mnazi Bay on 29 May 2008. North Mnazi Bay is located offshore and covers an area of 252.27 square kilometres. Hydrotanz has recently completed the acquisition of 375 km of 2D seismic and these results will be interpreted with existing data to design a work programme for the block.

A joint venture between BG International Limited and Ophir Energy plc has interests in Blocks 1, 3 and 4 offshore southern Tanzania. These blocks cover 20,853 square kilometres in the Ruvuma and Mafia Deep Basins area, located in water depths ranging from approximately 100 metres to 3,000 metres. The results of the recent drilling activity in Blocks 1 and 4 have confirmed the presence of both Tertiary and Cretaceous reservoir systems. All three of the recent wells drilled in Blocks 1 and 4 have encountered gas within Tertiary reservoirs. According to a report prepared by RPS Energy Limited in July 2011, Blocks 1, 3 and 4 had 2,454 bscf of gross mean contingent resources and 5,643 bscf of gross mean risked prospective resources. Block 1 is located to the north adjacent to the North Mnazi Bay block. 

In the Company’s opinion, the potential further investment in Signet provides a good investment opportunity for Polo. Based on comparable companies in the region, Signet’s diverse portfolio of assets has the potential to create significant shareholder value.

GCM Resources plc (AIM: GCM)

GCM has identified a world class coal resource of 572 million tonnes (JORC compliant) near the town of Phulbari in North West Bangladesh. GCM remains ready to move the Phulbari Project forward when the Bangladesh Government approves the project’s Scheme of Development.

The mine will produce a mix of high quality thermal coal, low ash metallurgical coal (also known as semi-soft coking coal) and a good quality thermal coal suitable for the domestic industrial market. The coal will be extracted by the open cut mining method using trucks and hydraulic excavators. Substantial initial investment relating to equipment costs, site preparation, box cut development and initial resettlement and other community programmes will take place over a three year period leading to the first commercial coal production. Ramp up to saleable coal production of 15 million tonnes per annum will take a further five years. The mine will have a life of over 30 years. The combination of high quality coal, a large resource, thick seams and low operating costs make Phulbari a world class deposit.

GCM’s activities continue to be focused on ensuring the key decision makers have a thorough understanding of modern large scale coal mining and the benefits of the project. GCM management accompanied the Bangladesh Parliamentary Standing Committee on Power, Energy and Mineral Resources on a visit to existing open pit coal mines and coal fired power stations in Germany. The Committee then recommended that the country moves to extraction of its coal reserves using open cut mining methods. GCM and the Government of Bangladesh are continuing discussions in relation to the detail of the Project and its implementation, including the effective management of social and environmental issues. While there is uncertainty as to the timing of approval, GCM is ready to move the Project forward once approval is received.

For more information please visit www.gcmplc.com

Ironstone Resources Limited

During December 2010 the Company made a C$8 million investment in Ironstone Resources Limited (“Ironstone”), a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project ("Clear Hills") in Alberta, Canada.

The Clear Hills Project currently has a resource of 203 million tonnes of iron ore at a grade of 33 per cent iron designated under Canadian National Instrument 43-101 (NI 43-101). This resource estimate prepared by SRK Consultants (Vancouver, Cardiff) (“SRK”), was reported on 28 October 2010, and was based upon Ironstone’s 2008 drilling programme on the Rambling Creek block of the Clear Hills deposit. Rambling Creek reported 140 million tonnes of indicated resource (33 per cent Iron, 0.21 per cent Vanadium Pentoxide) and 63 million tonnes of inferred resource (33 per cent Fe). SRK notes that the oolitic ironstone at Rambling Creek is laterally very extensive and that the mineral resources presented in the report only represent a small portion of the deposit.

Historic work (pre NI 43-101) in the 1950s estimated a resource of over one billion tonnes of iron ore at Clear Hills, providing a good opportunity for Ironstone to increase its NI 43-101 resource significantly through targeted drilling programmes. To that end, a winter drilling programme on the North Whitemud River block immediately south of Rambling Creek resulted in completion of 144 diamond core holes (12,000 metres total drilling). Close to 4,500 core samples were gathered and underwent analysis at an independent laboratory in Ontario, Canada from June-August 2011. The results of the laboratory analysis have subsequently been provided to SRK Consultants, and a second NI 43-101 report incorporating the information is anticipated in October 2011.

In addition to drilling, Ironstone opened a bulk sample pit in the southeast part of the Rambling Creek block and removed 10,000 tonnes of ore. This ore will be used for process pilot development that is presently ongoing in partnership with Hatch Engineering, a global consultancy with significant experience in pyro-technology. This work will continue into winter 2012 in advance of a pre-feasibility or feasibility study on the Clear Hills project. The project has a significant vanadium by-product component, and laboratory work to evaluate positive gold assays is ongoing, suggesting the potential for additional revenues from those commodities.

Polo holds an approximate 15.7 per cent interest in Ironstone.

For further information visit: www.ironstoneresources.com


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.


Stephen R. Dattels (aged 65): Non Executive Co-Chairman

Mr. Dattels is a seasoned senior mining executive and is Executive Co-chairman and Chief Executive Officer of West African Minerals Corporation, listed on the AIM market of The London Stock Exchange. In late 1982 he joined Barrick Gold Corporation and was one of the key executives during its formative years, where he was involved in the company’s growth from a capital base of US$10 million to a market capitalisation of over U$2 billion when he left in early 1987. Since leaving Barrick, Mr. Dattels has been a mining financier of numerous mining ventures in several continents in diverse commodities including gold, uranium, copper, iron ore and coal. In 2005 he founded UraMin Inc., which acquired and developed uranium assets in Africa. The Company was sold in August 2007 to Areva, the French Government-owned, fully integrated nuclear company for cash consideration of approximately US$2.5 billion. He is also an active investor in oil & gas exploration in Africa. Mr. Dattels is currently a Non-Executive Co-Chairman of Hong Kong listed Regent Pacific Group. Mr. Dattels has a Bachelor of Arts degree from McGill University, a law degree (cum laude) from the University of Western Ontario and has completed the Program for Management Development at Harvard University


Ian Burns (aged 53): Finance Director

Mr. Burns is a fellow of both the Institute of Chartered Accountants in England and Wales and the Chartered Institute for Securities and Investment. He is the founder and Senior Executive Director of Via Executive Limited, a specialist management consulting company and the Managing Director of Regent Mercantile Holdings Limited, a privately owned investment company. For over twenty years Mr. Burns has specialised in corporate governance, risk management, accounting and administration for companies in a number of industry sectors and is currently a Non-Executive Director of Phaunos Timber Fund Limited, a US$700 million company listed on the London Stock Exchange, as well as several fund management companies engaged in the property, emerging markets and alternative energy sectors. He is licensed as a personal fiduciary by the Guernsey Financial Services Commission. Previously Mr. Burns was an Executive Director at Anson Fund Management Limited and, prior to that, Group Managing Director of Investec Trust. He is the former Chairman of the Guernsey Association of Trustees and a current member of the Society of Trust and Estate Planners Guernsey committee.

Guy Elliott (age 54): Senior Non-Executive Director

Mr. Elliott is a co-founder of F3 Capital Management, LLC, an independent alternative asset management firm specialising in early stage financings in the natural resources field. Prior thereto, Mr. Elliott was president and co-founder of Croesus Capital Management, a specialist emerging markets hedge fund from 1993 until 2001, President of Rothschild Emerging Markets and manager of the Rothschild Emerging Markets Natural Resources Fund. Mr. Elliott is Vice Chairman of AIM listed Top Level Domain Holdings. Past Directorships include Aurelian Oil & Gas an AIM listed E&P company and Direct Petroleum Exploration Inc, a private Denver based E&P company.


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.


Neil L. Herbert (aged 46)Senior Investment Advisor

Mr. Herbert has managed resource exploration and mining companies since 1998 when he joined Antofagasta plc having previously worked in finance with Price Waterhouse. He was appointed Executive Director of Polo Resources in 2008, Managing Director in 2009 and Executive Co-Chairman in 2010. He is also Chairman of uranium explorer UrAmerica Limited, in which Cameco is a significant shareholder, and he is a Director of Nimini Holdings Limited and African oil explorer Signet Petroleum Limited. Mr. Herbert has previously managed a number of resource companies taking these through project acquisitions and disposals together with stock market listings and fund raisings and was formerly Finance Director of UraMin Inc. from formation in 2005, taking the company through listing on both AIM and TSX to raise over US$400 million and managed its sale for US$2.5 billion in 2007. He was also formerly Finance Director of Galahad Gold plc, International Molybdenum plc, Kalahari Diamonds plc and Patagonia Gold plc and was also Chief Financial Officer of Brancote Holdings plc. He is a fellow of the Association of Chartered Certified Accountants.


Major Shareholders

The Company's issued share capital consists of 269,622,745 Ordinary Shares of no par value (last updated 07 February 2013).


The Company does not hold any Ordinary Shares in Treasury.


As of 02 July 2013 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 19.2%.


There are no restrictions on the transfer of the Company's AIM securities.


  • Additional Information
    AIM, BSX
    Share Price
    269.62 m
    Avg. Vol
    Mkt Cap
    £36.75 m
  • Contact Information

    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



    Investor Relations Contact:

    Kudzayi Denenga

    T: +27 787 312 919


    Corporate Information

    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 English Law

    Kerman & Co LLP

    200 Strand

    London WC2R 1DJ

    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 Inc. 

    100 University Ave

    9th Floor

    Toronto ON M5J 2Y1




    Computershare Investor Services Plc

    P O Box 82

    The Pavilions

    Bridgwater Road

    Bristol BS99 6ZY

    United Kingdom


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