The investment group Polo Resources said on Wednesday it is acquiring 12.7% of Tunisia-focused phosphate group Celamin for A$1.2mln.
It is doing so by participating in share placement organized by the ASX-listed group.
Celamin is advancing the Chaketma phosphate project towards a bankable feasibility study. It holds 51% of the license; its local partner the other 49%.
Polo pointed Tunisia has a century long history of phosphate mining, meaning there is “good in-country expertise and extensive infrastructure” to support the development of a mine.
Drilling to date has intersected thick mineralized zones averaging over 15 meters at “favorable depths”, outcropping at surface in places. The grades, meanwhile, have generally exceeded 20% phosphorous pentoxide.
Independent metallurgical studies have verified the potential to produce marketable concentrate acceptable to international buyers, Polo said.
Chairman Michael Tang added: “This is an excellent opportunity for Polo Resources to add phosphate to its suite of projects through this investment in Celamin.”
