Caledon Resources Share Discussion Threads

[spights] 28/3/2011 07:11

Date : 28/03/2011 @ 07:00
Source : UK Regulatory (RNS & others)
Stock : Polo Resources (POL)
Quote : 4.945 0.0 (0.00%) @ 05:00
Quote Chart Trades Level2


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TIDMPOL

RNS Number : 6946D

Polo Resources Limited

28 March 2011


28 March 2011

Polo Resources Limited ("Polo", "Polo Resources" or the "Company")

Interim Results for the six months ended 31 December 2010

Polo Resources Limited (AIM and TSX: POL), the mining and exploration investment company with interests in coal and iron ore, today announces results for the six months ended 31 December 2010.

Financial and Operational Highlights

-- As at 25 March 2011, the Company's cash balance was US$29.90 million (31.12.2009: US$10 million).

-- Net profit for the six months ended 31 December 2010 was US$63.45 million (2009: profit US$6.83 million).

o During the period Polo disposed of its entire interest of 22,550,849 shares in Extract Resources Limited for US$142.44 million and realised a gain on disposal of US$62.92 million. The Board utilised proceeds of the Extract Shares to fund a special dividend to shareholders of 3 pence per share for a total of US$114.23 million.

o During the period US$5.46 million was devoted to the share buy-back programme and a total of 97.8 million shares were cancelled from the Company's share capital.

-- The Company's significant interests in listed companies are:

o 29.90% in Caledon Resources plc ("Caledon") valued on 25 March 2011 at US$135.64 million in addition to GBP2.5 million of Caledon's 8.5% unsecured Convertible Loan Notes issued in 2010. ([1]) On 8 November 2010, Caledon announced the possible cash acquisition by Guangdong Rising (Australia) Pty Ltd ("GRAM") for 112 pence per share which would value Polo's equity interest at US$161.81 million.

o 29.82% in GCM Resources plc ("GCM") valued on 25 March 2011 at US$50.16 million. ([1])

-- The Company's significant interests in other unlisted companies are:

o Approximately 10.4% of Ironstone Resources Limited ("Ironstone"), a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project ("Clear Hills") in Alberta, Canada. On 27 February 2011 the company reported drilling progress has been steady, with 35% of the planned 160 diamond core holes completed. All core is being described and sampled for geochemistry and metallurgical analysis on site by Ironstone's team of geologists.

o An approximate 30% interest in MinFer Holdings Limited ("MinFer"), a private company engaged in the acquisition of, and exploration of, iron ore projects in Brazil. The preliminary airborne survey of its Santo Se exploration area highlighted a large anomalous area not previously identified, and follow up exploration is planned. At the same prospect, initial drilling is taking place at the Melancia Targets with 3 drill holes complete with initial positive indications.

o In March 2011, the Company entered into agreements withEarth Coal Resources Limited, to procure coking coal and iron ore projects in Indonesia.

o In March 2011 the Company entered into a memorandum of understanding with three parties to invest US$1.5 million to acquire an initial 10% interest in a new joint venture to explore for gold in the highly prospective Sierra de Bolivar in Columbia. The joint venture is in the process of acquiring 100% of the rights, title and interest in the mining concession contracts that may result from 29 applications filed with the Colombian Mining Authority.

-- Net Asset Value ("NAV") per share at 25 March 2011 is 6.60 pence per share. ([2]) Note that Ironstone and MinFer are not listed and interests are recorded on a conservative basis at the cost of acquisition.

Notes:

1. Based on closing prices on 25 March 2011.

2. The NAV at 25 March 2011 would be restated to 7.22 pence per share on the basis that the indicated offer price of 112 pence per share by GRAM had become unconditional.

Neil Herbert, Executive Co-Chairman and Managing Director of Polo Resources, said:

"The management's goal is to maximize return for our shareholders. Within this financial period we disposed of the last of our uranium interests in Extract Resources Limited, realising a gain of US$62.92 million and following which we paid a special dividend of 3 pence per share to our shareholders. The board also resolved to undertake a Share Buyback Programme.

"We remain supportive shareholders of GCM and Caledon and we are actively building a new generation of investments which have excellent growth potential. We are in the enviable position of regularly identifying interesting projects to invest in, both listed and private, and having the funds to invest in the projects that we believe have the most potential."

[spights] 28/3/2011 07:02

1.465 AUD = 0.938306 GBP
Good Morning all.
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[spights] 25/3/2011 07:09

1.49 AUD = 0.944845 GBP
Good Morning all.No trades.

[spights] 21/3/2011 23:03

I am away until Friday.Hopefully news on my return.

[spights] 21/3/2011 17:52

Hi msawyer11 looks a good share to be in.......Thankyou

[msawyer11] 21/3/2011 16:23

Spights - you might want to consider Anglo Pacific - a nice steady increase in dividends and share price normally.DYOR

[spights] 21/3/2011 08:48

Good Morning Afrim - they are certainly dragging it out.

[afrim] 21/3/2011 07:51

Mornin Spights, let's hope something will happen soon:0)))
A

[spights] 21/3/2011 06:30

1.58 AUD = 0.977132 GBP
Good Morning all.
Thankyou for above news.
yehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

[gero67] 20/3/2011 22:38

Others might come to Caledon's party

Australian Financial Review
21 Mar 2011
Street Talk
Edited by Savah Thompson and Paul Garvey

The $500 million takeover of Queensland coal miner Caledon Resources by China's Guangdong Rising Assets Management (GRAM) is plodding along with frustratingly little progress.

It may simply be wishful thinking on behalf of the investors who are starting to wonder if GRAM's bid will ever surface, but there are suggestions Caledon may be starting to entertain offers from rival groups.

Caledon would certainly like the Chinese to think that other parties are looking at the miner, as a means of hurrying up the Chinese approvals process that has stalled the offer. But given the frenetic pace of acquisitions in the Australian coal sector right now, it seems feasible that other parties could be interested in the miner.

The Caledon takeover has received scant attention in Australia to date, due largely to the fact it is thinly held here. Only about 8 per cent of the company's shares are listed in Australia, although there are many Australian
investors who hold Caledon's London-listed stock.

It was back in November that Caledon first revealed it had reached an in-principle agreement with GRAM over the terms of a takeover.

GRAM had planned on having the acquisition approved by the various Chinese regulatory bodies, including the National Development and Reform Commission, by December 31 - but the approvals are still to be finalised.

Caledon extended the deadline to put the offer in place until February 28, and has extended it again without a firm completion date.
Notably, Caledon did not extend a non-solicitation agreement, instead leaving it to expire on February 28. That leaves the miner free to talk to other parties.

Given the frustrations of the Chinese approval process, plenty of Caledon shareholders will be hoping that the company can deliver an offer of greater certainty some time soon.

[spights] 18/3/2011 10:55

Good Morning Mark haha yes...... well done you have a bargain.
;o)

[marben100] 18/3/2011 10:46

Good morning spights. I think you'd better stop talking about when news is expected. A watched pot and all that. :0)

Anyhoo, picked some more up early doors today @ 94.75p. :0)

All my best,

Mark

[spights] 18/3/2011 06:23

Good Morning all.No trades today.

[spights] 17/3/2011 17:47

Trade of 120,000 reported after hours at £1 per share.The trade was done in the morning .............mmm I wonder if the news will be out tomorrow.

[spights] 17/3/2011 17:36

Hi Mark I agree with you.The big boys are not off loading.Many have been extending their longs. Maybe the news will be out tomorrow.My holdings here now are small.I am heavily into Polo.

[marben100] 17/3/2011 16:48

With the coking coal market as it is, I think I might be happy to hang onto the company, if the GRAM bid didn't complete - not that I think that's likely. :0)

Moreover, I notice from the rule 8.3 announcements that the hedgies (RAB & Arrowgrass) still appear to be buying, with I&S being the sole seller (undoubtedly taking profits on their purchases made at much lower prices). Maybe some retail punters on margin being shaken out.

---------------------

LONDON (Dow Jones)--Coking coal prices may dip from current high levels following Japan's earthquake, but not for long as global supplies remains tight and steelmakers are likely to scramble to stockpile any coking coal that hasn't been consumed by Japan, market participants said Wednesday.

"We expect Japan to import less coking coal for the next two months, C.S. Vermam, chairman of Steel Authority of India Ltd. (500113.BY), said this week. "It will lead to softening of prices."

Japan is the world's largest consumer of coking coal, a key ingredient in steelmaking. The country imported roughly 60 million metric tons in 2010 and accounted for 22% of the world's sea-borne coking coal market, according to Macquarie Research.

The earthquake and ensuing tsunami are likely to crimp that demand, since many of the country's main steel-consuming customers, particularly those in the automotive sector, are still reeling.

Citigroup said prices will remain well supported in the medium term.

"If steel producers are worried about any big increase in steel demand from Japan [stemming from reconstruction], the rush to secure long-term sources of coking coal may increase. Under that scenario, we could see prices well-supported over the medium term," the bank said in a note.

Recently-settled second quarter benchmark Australian coking coal prices, free on board, rose to a new record high partly as a result of flooding in Queensland, Australia, the world's largest supplier of sea-borne coking coal. Rio Tinto PLC (RIO) settled its second-quarter hard coking price at $330/ton and semi-soft coking coal at $264/ton, surpassing previous all-time records set in 2008, Macquarie said.

[sturichardson] 17/3/2011 08:30

I see what you did there...

[spights] 17/3/2011 07:44

FTSE seen opening higher

[spights] 17/3/2011 06:20

1.58 AUD = 0.968732 GBP
Good Morning all.

[spights] 16/3/2011 20:39

Japan Nuclear Crisis: Interest in Coal, Natural Gas Surges.Article Comments By Dave Kansas

Bloomberg
Dirty, dark and plentiful.With the Japanese nuclear disaster persisting, some old energy plays are getting an increasing amount of attention as questions about nuclear power rise.

China has announced plans to temporarily freeze approvals for new nuclear plants. Germany is shutting down seven plants and France said it will launch new inspections of its own nuclear facilities.

Given the rising concern about nuclear power, Dow Jones reports that Morningstar analyst Michael Tian thinks a "possible paradigm" shift in global energy strategy may be underway. The main beneficiaries of this thinking: coal and natural gas companies.

Among the top performers in an otherwise brutal market are coal giants such as Peabody Energy, Range Resources, Arch Coal and Patriot Coal.

In the natural gas sector, Southwestern Energy, Consol Energy, Cabot Oil & Gas and Chesapeake are all trading higher. Cheniere Energy, a liquefied natural gas play, is also

[shawzie] 16/3/2011 17:18

< and >
888

[ps0u3165] 16/3/2011 10:13

Hi Spights who knows, there are so many contrasting reports from different news channels you never know who to believe. Sure it will all come out in the wash.