Polo Resources Limited WEATHERLY INTERNATIONAL PLC - INVESTMENT UPDATE (8662O)
May 22 2018 - 5:44AM
UK Regulatory
TIDMPOL
RNS Number : 8662O
Polo Resources Limited
22 May 2018
22 May 2018
Polo Resources Limited
("Polo" or the "Company")
WEATHERLY INTERNATIONAL PLC - INVESTMENT UPDATE
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 investee company,
Weatherly International Plc ("Weatherly") (AIM: WTI) has issued an
update covering its Tschudi open pit copper operation, intended
purchase of the Kitumba Project from Intrepid Mines Limited
("Intrepid") and loan repayments.
Tschudi Operation
A routine open pit production blast triggered an unexpected
rapid increase of groundwater inflow. The company has installed
extra pumping capacity and is expecting the situation to stabilise,
however, several areas of exposed ore remain submerged. The company
warns that some impact on copper production will be unavoidable.
Further updates will be issued once the situation is better
understood.
Kitumba Project
On 26 April 2018 it was announced that Orion had agreed to
Weatherly to seeking alternative financing for the Kitumba
transaction and that Weatherly remained in discussions with
Intrepid.
On 21 May 2018 Intrepid announced that the conditional approval
granted by the Zambian Ministry of Mines and Minerals Development
for a subsidiary of Weatherly to purchase Intrepid's Zambian assets
had lapsed, effective 18 May 2018.
Orion Loan Repayments and Strategic Review
Weatherly continues to be involved in negotiations with Orion to
agree a long-term restructuring of its secured debt facilities,
which includes instigating the strategic review announced by the
company on 26 April 2018.
The full details of the announcement can be found at
http://weatherlyplc.com/.
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.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor
Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & joint broker)
- John Depasquale +44 (0)20 3328 5657
Liberum Capital (Broker)
- Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (Public relations)
- Tim Blythe, Nick Elwes,
Camilla Horsfall +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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