Could Polo Resources be the next target for the uranium majors? The South African junior headed by Stephen Dattels, former vice president for finance at Barrick Gold Corp and founder of UraMin, the firm sold to Areva in 2007 for USD 2.5 billion, is developing a portfolio of assets new entity that will probably attract interest before long.
In Botswana, Polo is the main shareholder in Impact Minerals, an Australian junior which has just begun an exploration programme on permits adjoining the Letlhakane uranium project. A bankable feasibility study is underway for this prospect, which is controlled by A-Cap Resources, another Australian junior in which Polo owns 19.9 %.
In Namibia, Polo has a 9.06% stake in Extract Resources, which operates Rossing South, a uranium deposit with a JORC resource of 145 million lbs @449 ppm and 122m lbs @ 543 ppm. Rossing South borders the eponymous mine owned by Rio Tinto, which owns 13.5% of Extract. Dattels also holds shares in Extract in his own name. Polo controls West Australian Metals, an Australian company working north of Rossing on the Marenica project, with a stake of 80%.
In Tanzania, the Australian company Uranex, which is working on the Mkuju and Songea uranium projects, also counts Polo Resources among its investors. Polo also holds stakes in uranium in Spain (in Berkeley Resources) and in Mongolia (in Dornogovi and Dornod). Dattels uses his own investment bank, Regent Mercantile Bancorp Inc. (Toronto), to carry out many of his financing operations in mineral resources.
EXT Price at posting:
$10.73 Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)