Polo Resources Limited CELAMIN HOLDINGS LTD - INVESTMENT UPDATE (2722V)
05 Abril 2019 - 02:06AM
UK Regulatory
TIDMPOL
RNS Number : 2722V
Polo Resources Limited
05 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.
5 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, is pleased to report that its 18.40%
investee company Celamin Holdings Limited ("Celamin") (ASX: CNL)
has advised that overnight it has received confirmation that the
Court of Appeal of Tunis has issued orders enforcing both the
interim and final arbitration decisions, ordering, amongst other
matters, the return of Celamin's interest in Chaketma and payment
of over US$4m in damages and costs plus interest.
On 30 November 2017, a sole arbitrator appointed by the
International Court of Arbitration of the International Chamber of
Commerce found in favour of Celamin in relation to the fraudulent
transfer to Tunisian Mining Services ("TMS") of Celamin's 51%
interest in Chaketma Phosphates SARL ("CPSA"), the operating
company that holds the Chaketma phosphate permit. The sole
arbitrator ordered TMS to return Celamin's 51% interest in CPSA and
pay damages and costs.
As TMS did not comply with the arbitrator's award, Celamin
applied to the Court of Appeal of Tunis to enforce the arbitrator's
orders. The decision received overnight from the court is a very
pleasing development in what has been a lengthy dispute following
the fraudulent activities of Celamin's previous partner, TMS, and
reinforces Tunisia as viable destination for foreign investment in
the mineral resources sector.
The orders are immediately enforceable and Celamin will now
begin the process of recovering its interests and the costs and
damages awarded.
The Chaketma phosphate permit, operated by CPSA, is a potential
large-scale phosphate development asset, which comprises six
prospects over a total area of 56km2. It hosts a total JORC
compliant Inferred Resource of 130Mt @ 20.5% P O , confirmed from
drilling at only two of the project's six prospects.
Celamin will keep the market informed on the progress of TMS'
compliance with the court's orders.
VISION
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.
OVERVIEW
The Chaketma Phosphate Project is located close to existing
road, rail and power infrastructure.
Notably, Chaketma is proximate to two 42" inch gas pipelines
from the Algerian gas fields to the Tunisian coastal town of Al
Huwariyah and is nearby to a number of towns in the Kasserine
region supportive of Celamin developing the Chaketma Phosphate
Project.
Link to Map
http://www.rns-pdf.londonstockexchange.com/rns/2722V_1-2019-4-5.pdf
The full details of the 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 rns@lseg.com or visit www.rns.com.
END
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