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Polo Resources Ltd eyes commodity uplift but losses widen

Natural resources investor Polo Resources Ltd is eyeing a positive year ahead as commodity prices show signs of recovery, it said, but reported a widened loss in the latest half year.
Polo Resources Ltd eyes commodity uplift but losses widen
Polo is upbeat about the future and commodity prices....

Natural resources investor Polo Resources Ltd (LON:POL) is eyeing a positive year ahead as commodity prices show signs of recovery, it said, but reported a widened loss in the latest half year.

The AIM  group said its total net assets as at March 16 were US$73.53mln - up slightly from the end of December 2015 at US$73.03mln.

Meanwhile, net asset value per share on the same day had risen to 17.23 pence, compared to 16.31 pence a share on December 31 last year.

For the six months to December 31, the loss before tax was US$3.46mln versus a loss of US$2.1mln in the same period a year ago, while cash and equivalents at the end of 2015 stood at US$15.7mln versus US$23.5mln in 2014.

At Namibia focused Weatherly International PLC, where it has a 5.2% stake, Polo said the  future looked promising with its Tschudi mine delivering planned output at lower costs along with an opportunity to boost production.

At Blackham Resources, where it has a 7.08% stake, the gold focused Australian group has recently released a definitive feasibility study, which showed very strong economics for the Matilda project.

Following the successful DFS, Blackham raised A$20.3 million through a placement and is committed to implement the Matilda Project with first production targeted for Q3 2016, noted Polo.

The firm also has a 8.16% stake in oil and gas group Hibiscus Petroleum Berhard and it announced last year  a deal with Ping Petroleum to each acquire 50 % of interests held by Shell U.K. Limited, Shell EP Offshore Ventures Limited and Esso Exploration and Production UK Limited in the relevant licenses of the Anasuria oil and gas fields in the UK Central North Sea for US$52.5 million.

This has now been completed and is a significant milestone for Hibiscus as it strives to become a major operating oil producer. 

Datuk Michael Tang, executive chairman of Polo, said: "With improving investment sentiment and prices emerging across the natural resources sector, the board of Polo is looking forward to an exciting 2016 where we anticipate through our producer sector portfolio investments, Blackham, Hibiscus and Weatherly a year of positive news as commodity prices show signs of recovery."

Polo shares were unchanged at 3.035p.

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