This relates to the disposal of Polo’s 50% interest in the Peabody-Polo Resources, the joint venture company formed by Polo and Peabody Energy to hold coal and uranium assets in Mongolia.
The total consideration received from Winsway for Polo’s interest in the Mongolian joint venture is $35m.
The company will continue to retain a net 0.5% royalty for coal sold from licenses earlier held in the JV agreement.
Polo Resources executive co-chairman and managing director Neil Herbert said that the company has now disposed of its Mongolian assets apart from a 0.5% royalty of the future producing asset.
Polo is currently focused on investments in coal assets in Bangladesh and Australia," Herbert said.
