Polo Resources to sell its 50 per cent interest in Mongolian JV

Polo Resources reports that  it will sell its 50 per cent interest in a joint venture company, receiving about US$35 million plus royalties for its Mongolian coal and uranium assets.

Polo will also get a one-per cent royalty for coal sold from licences currently held in the joint venture, up to $50 million. The agreement would last for as long as 25 years, it said.

“We are pleased to be executing the divestment of our non-core holding in the joint venture in Mongolia,” said executive co-chairman Neil Herbert in a release.

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For Polo Resources news release, click here.