7 Mar 2019 07:34
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.
07 March 2019
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS NL - INVESTMENT UPDATE
Celamin Secures Strategic Tunisian Partner
Polo Resources Limited (AIM: POL), the multi-sector investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium, notes that its 20.53% investee company Celamin Holdings Limited ("Celamin") (ASX: CNL), has announced that it has entered into a Memorandum of Understanding ("MoU") with Tunisian company Al Kassm Holding ("Al Kassm") to work together on mineral resource projects in Tunisia and elsewhere in Africa. As projects are acquired, Celamin and Al Kassm will form incorporated joint ventures, with the project interests of each party to be agreed on a case by case basis.
Al Kassm is owned by Mr Ahmed Bouchamaoui, a prominent and highly regarded Tunisian businessman. During the last 30 years, Mr Bouchamaoui has overseen successful businesses both in Tunisia and internationally including, but not limited to, oil and gas exploration and production, real estate, agriculture, education (American University), construction, health, telecommunication, IT and mining.
Mr Bouchamaoui is proactively encouraging international investment in Tunisia and welcomes the technical and financial capacity of Celamin. He said "I am extremely pleased to be working with Celamin as they look to further their interests in the resources sector in Tunisia. The potential of the region is largely untapped and I am very confident that working with Celamin, we will realise some of that potential."
Simon Eley, Executive Director of Celamin welcomed Al Kassm and Mr Bouchamaoui as Celamin's strategic partner. "Mr Bouchamaoui is a proven and successful investor in Tunisia and abroad due to his international experience and openness to challenging the status quo. His involvement is a significant vote of confidence in Celamin and its resources projects in Tunisia. We are extremely pleased in establishing a partnership with Mr Bouchamaoui, bringing to Celamin extensive Tunisia experience and networks which will be invaluable to Celamin as the company grows."
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 |
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Allenby Capital Limited (Nominated adviser & broker) - John Depasquale | +44 (0)20 3328 5657
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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.