LONDON (Alliance News) - Polo Resources Ltd said Tuesday one of the companies that it is invested in has completed its strategic plan for the commercialisation of the Clear Hills project, and will be changing its name.
The natural resource investment company said Ironstone Resources Ltd, in which it holds a 18.84% stake, has completed a strategic plan for the Clear Hills project, which is based in Alberta, Canada, envisaging that a minimum of 5 million tonnes of ore will be mined annually to support Ironstone's mill operations.
Polo said the plan, which was undertaken by Ironstone's partner North American Coal Corp, involves a conceptual mine plan for the Clear Hills project, featuring a "relatively low-cost open pit mine design and environmentally-friendly electric drag-lines for overburden removal and surface miners to strip the ore body".
Polo added the western Canada steel market study, which Polo first noted in its interim results and which is being conducted by the Alberta government, will be published in the third quarter and will provide data to Ironstone to determine the type of finished steel products to produce for domestic consumption.
Polo said, on the publication, Ironstone will look to "transition its image and brand from a metallics resource company to a diversified manufacturer of high strength steel, vanadium and related value-added by-products", and will change its name to Prism Diversified Ltd.
Shares in Polo were down 3.7% at 2.77 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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