Proactive Investors - Run By Investors For Investors

Polo Resources acquiring 12.7% of Tunisia phosphate developer

The investment group Polo Resources said on Wednesday it is acquiring 12.7% of Tunisia-focused phosphate group Celamin for A$1.2mln.
Polo Resources acquiring 12.7% of Tunisia phosphate developer

The investment group Polo Resources (LON:POL) said on Wednesday it is acquiring 12.7% of Tunisia-focused phosphate group Celamin (ASX:CNL) for A$1.2mln. 

It is doing so by participating in share placement organised by the ASX-listed group.

Celamin is advancing the Chaketma phosphate project towards a bankable feasibility study. It holds 51% of the licence; its local partner the other 49%.

Polo pointed Tunisia has a century long history of phosphate mining, meaning there is “good in-country expertise and extensive infrastructure” to support the development of a mine.

Drilling to date has intersected thick mineralised zones averaging over 15 metres at “favourable depths”, outcropping at surface in places. The grades, meanwhile, have generally exceed 20% phosphorous pentoxide. 

Independent metallurgical studies have verified the potential to produce marketable concentrate acceptable to international buyers, Polo said. 

Chairman Michael Tang added: "This is an excellent opportunity for Polo Resources to add phosphate to its suite of projects through this investment in Celamin."


View full POL profile View Profile

Polo Resources Limited Timeline

Related Articles

Coal
November 16 2018
Once all the approvals, permits and tariffs are in place, Oracle’s partners will arrange the finance with Sinosure and Chinese banks.

© Proactive Investors 2019

Proactive Investors 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.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use