Polo Resources receives $20m Mongolian JV payment

Polo Resources says it has received a $20m deferred cash consideration from Winsway relating to the disposal of Polo's 50% stake in the Peabody-Polo Resources JV formed to hold coal and uranium assets in Mongolia.

The total consideration received from Winsway for Polo's interest in the joint venture is $35m.

Co-chairman and MD Neil Herbert said, 'Polo Resources 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 and will update the market on new opportunities as and when they materialise.'

Source:StockMarketWire.com