(Alliance News) - Polo Resources Ltd said Thursday its 19% investee Celamin Holdings Ltd has commenced several actions to compel Tunisia Mining Services to return a 51% interest in the Chaketma phosphate project in Tunisia.
Shares in the mining-focused investment company - which is based in Sandton, South Africa - were up 4.3% at 3.92 pence on Friday in London.
In April, the Court of Appeal in Tunis made its final decision judging that Celamin's 51% interest in the project be returned to it, as well as a payment of USD4 million damages and costs plus interest be paid.
In November 2017, an arbitrator of the International Court of Arbitration of the International Chamber of Commerce found the transfer of Celamin's interest in Chaketma to zinc and lead miner TMS was fraudulent and ordered the holding to be returned.
However, TMS has not yet complied with the court orders, despite having no further legal challenges to dispute the award, Polo said.
As a result, Celamin has seized vehicles and foreclosed on property held by TMS, and has applied to seize shares held by TMS in Chaketma Phosphates SARL, which operates the Chketma project.
Celamin said it has maintained an open dialogue with the mining administration in Tunisia and is confident it will be given enough time to assess the status of Chaketma once the dispute is resolved.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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