Polo Resources has just published its interim results for the six months ended 31 December 2014. You might remember that it didn’t publish its NAV per share as at the end of June in its final accounts and there’s no mention of it here, although helpfully they tell us that the NAV has risen from 27.2p at the end of December to 27.7p at 25 March 2015.
There’s quite a bit of information about their investments in the statement. Some major events to pick out – Celamin Holdings, a phosphate project in Tunisia that they recently injected more money into, has suspended its shares after getting into a dispute with its local partner; Weatherly, a Namibian copper play, is also suspended pending clarification of its financial position; Blackham Resources, gold in Western Australia, is seeking funding and, subject to this, hopes to be in production within 13 months; Nimini, gold in Sierra Leone, is waiting for the Ebola situation to improve before progressing its project; Signet Petroleum is reviewing its options given the current oil price; Regalis Petroleum needs funding to pursue its drilling programme in Chad; and GCM Resources, coal in Bangladesh, still has a great future (but not much progress in realising it).
Clearly the prolonged slump in commodity markets isn’t helping Polo but it is sitting on cash and liquid resources of $31m.
The full text of Celamin’s announcement is given below:
“Celamin Holdings NL (ASX: CNL) (Celamin, the Company) has previously reported that its core asset, the Chaketma Phosphate Project in Tunisia is operated by a joint venture company, Chaketma Phosphate SA Tunis (CPSA), in which Celamin holds a 51% interest and its Tunisian partner, Tunisian Mining Services (TMS) holds 49%.
Celamin is in dispute with TMS regarding control of CPSA, and has engaged Tunisian legal advisers to resolve this situation.
A full market disclosure will be made when Celamin has sufficient understanding of its legal position. The Company will remain in ASX suspension until that time.”
POL : Polo Resources awaits news on Celamin investment